Bitcoin ATM operator Bitcoin Depot has its money transmission license suspended by Connecticut.

Techub News reported, according to Decrypt, Bitcoin ATM operator Bitcoin Depot had its money transmitter license urgently suspended by Connecticut regulators. The investigation revealed multiple violations in the company's state operations: charging some users fees exceeding the 15% statutory cap, involving over 1,000 transactions, leading to more than 500 consumers overpaying approximately $150,000; failing to fully refund funds sent by scam victims through its terminals; and not meeting certain disclosure and compliance requirements. The regulatory order requires the company to immediately cease operations in the state and shut down all kiosks. Bitcoin Depot stated in another filing that it expects to report an unremedied "material weakness" in internal controls in its annual report. The company's stock price was around $4 on Tuesday, having fallen approximately 39% over the past month and about 55% year-to-date.