In short
- Scott Buchanan has resigned as CEO and director, while MoneyGram’s Alex Holmes has been named CEO and chairman.
- Holmes said his priorities include stabilizing operations, improving regulations and diversifying the business.
- The changes come as Bitcoin Depot faces increased scrutiny and expects core revenue to decline this year.
Bitcoin Depot has replaced its CEO less than three months after a planned transfer, turning to former MoneyGram chief Alex Holmes as pressure mounts on its crypto ATM business.
Scott Buchanan has resigned as CEO and director, An said SEC filing on Tuesday. Buchanan has held various senior leadership roles at Bitcoin Depot since 2019. His dismissal was not due to any “disagreement” with the company over its activities, policies or practices, the filing shows.
Founder Brandon Mintz has also stepped down as executive chairman, but will remain a member of the six-member board and is expected to continue advising the CEO.
Holmes, director of Bitcoin Depot since August last year, brings more than 16 years of senior payments experience in money transfers, banking and regulatory compliance.
In a statement, Holmes said his priorities would focus on “operational stability, regulatory progress” and pushing for the company’s “evolution into a more diversified fintech platform.”
Holmes was CEO of the financial services company MoneyGram from 2016 to 2024, where he also served as chairman.
This move undoes a succession plan revealed in November. Bitcoin Depot had said Buchanan would become CEO this year, while Mintz would step back from the CEO role and remain executive chairman.
That structure lasted less than three months, a turnover that comes as the company faces heightened state supervision and lower expectations for its revenues.
Bitcoin Depot is facing increasing pressure on its core kiosk business after Connecticut to block its ATMs there last week, claiming the company was overcharging users and not providing refunds to fraud victims.
Other Bitcoin ATM operators have faced similar criticism, including California fine Coinhub $675,000 for Overcharging Customers and Chicago-Based Crypto Dispensers Weighing a $100 million sale after its founder was accused of money laundering.
In his latest financial reportBitcoin Depot warned investors that core revenues could decline by 30% to 40% this year, citing uncertainties arising from a “dynamic regulatory environment and improved compliance standards.”
Bitcoin Depot remains the largest Bitcoin ATM operator in North America 10 years after its founding. It operates more than 9,000 kiosk locations worldwide.
According to Google Finance, shares fell more than 14% to $2.80 on Tuesday, near their lowest point in the past year. facts.
Bitcoin Depot did not immediately respond to a request for comment.
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