Scott Buchanan resigns as Bitcoin Depot CEO…business reshuffle amid regulatory pressure

Bitcoin Depot, an operator of crypto ATMs, has replaced its chief executive.

According to Decrypt on the 25th (local time), Bitcoin Depot said CEO Scott Buchanan has stepped down and that it has appointed former MoneyGram executive Alex Holmes as the new CEO and chairman of the board.

Buchanan’s resignation was said not to stem from any disagreements over the company’s operations or policies. He has served as a key executive at the company since 2019. Founder Brandon Mintz has also stepped down as executive chairman, and is expected to remain on the board and continue providing management advice.

Holmes, the incoming CEO, has more than 16 years of experience in remittances, finance and regulatory affairs. He is credited with leading MoneyGram’s digital transformation during his tenure as CEO. Holmes said he would prioritize “stabilizing operations, improving regulatory response, and diversifying the business.”

The leadership change comes as regulatory pressure intensifies. Recently, Connecticut regulators halted Bitcoin Depot’s ATM operations, citing excessive fees and inadequate refunds.

Regulatory risks are also spreading across the broader crypto ATM industry. California fined Coinhub $675,000, while Crypto Dispensers is considering a sale valued at about $100 million.

Bitcoin Depot warned that revenue from its core business could fall 30% to 40% this year. The company said changes in the regulatory environment and tougher compliance requirements were key factors. Bitcoin Depot shares fell about 14% on the day to around $2.80, nearing their lowest level in the past year.