finance
Bitcoin Depot Files for Chapter 11 Bankruptcy and Takes ATMs Offline
Bitcoin Depot filed for Chapter 11 bankruptcy in a Texas federal court on Monday. The company said it will wind down operations and sell its assets. All Bitcoin ATMs operated by the firm have been taken offline.
May 18, 5:19 AM·1m read1 source
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Bitcoin Depot filed voluntary Chapter 11 proceedings in the U.S. Bankruptcy Court for the Southern District of Texas on Monday. The company stated it will wind down operations and sell off its assets. All of its Bitcoin ATM network has been taken offline.
The firm said its Canadian subsidiaries are included in the U.S. court process. It added that formal restructuring proceedings in Canada will begin at the appropriate time.
A company executive stated that stringent compliance obligations imposed by states, including new transaction limits and outright restrictions or bans on Bitcoin ATM operations in some jurisdictions, rendered the business economically unsustainable.
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