Bitcoin Depot (NASDAQ:BTM), one of the world’s largest operators of Bitcoin (CRYPTO: BTC) ATMs, said on Monday it has initiated a voluntary Chapter 11 process to wind down operations and sell off its assets.
Bitcoin Depot To Close Down
Bitcoin Depot filed the proceedings in the U.S. Bankruptcy Court for the Southern District of Texas, adding that all of its network of ATMs has been taken offline.
The firm added that its Canadian subsidiaries are included in the U.S. court process and that it will begin formal restructuring in Canada at the appropriate time.
Bitcoin Depot CEO Alex Holmes stated that “stringent compliance obligations” imposed by states, including new transaction limits and, in some jurisdictions, outright restrictions or bans on Bitcoin ATM operations, rendered the business economically “unsustainable.”
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