Bitcoin Depot to Pay $1.9 Million in Compensation to Scam Victims in Maine

In a significant victory for consumer protection, the Maine Bureau of Consumer Credit Protection (BCCP) has announced a consent agreement with Bitcoin Depot, one of the largest operators of cryptocurrency ATMs. Under the agreement, the company will pay $1.9 million to residents of Maine who lost money in scams involving its crypto kiosks.

Compensation for Losses Caused by Scammers The settlement funds will be distributed exclusively to Maine residents who lost money between 2022 and 2025 due to scams linked to Bitcoin Depot kiosks. Most cases involved users depositing cash into a Bitcoin Depot ATM, converting it to cryptocurrency, and sending it to an “unhosted wallet” controlled by a fraudster. These wallets are not managed by any bank, exchange, or financial service provider – they are entirely user-controlled, making them ideal for anonymous criminal activity.

Agreement Follows Two-Year Investigation The deal comes after a two-year investigation conducted by BCCP and the Maine Attorney General’s office. As part of the settlement, Bitcoin Depot has also been granted a money transmitter license, allowing it to legally operate in the state – although Maine does not currently appear among the company’s active service locations.

Only Specific Victims Are Eligible To qualify for compensation, individuals must: 🔹 Have been scammed by a third party using a Bitcoin Depot kiosk in Maine

🔹 Have been residents of Maine between 2022 and 2025

🔹 Have used the kiosk to convert cash to cryptocurrency

🔹 Have sent the cryptocurrency to an unhosted wallet controlled by the scammer The deadline to file claims is April 1, 2026. Valid claims are expected to be processed and refunded during May. The Bureau noted that the exact refund amounts are not yet known, as it remains unclear how many residents were affected and how much each individual lost.

Governor Praises the Outcome Governor Janet Mills praised BCCP for securing the settlement, stating that the agreement will “put money back into the pockets of Maine people who were defrauded by cruel and sophisticated third-party scammers.” She also urged residents to educate their loved ones about fraud tactics and emphasized the importance of prevention. In response to the rising number of financial scams, Maine has introduced several laws in recent years, including the Money Transmission Modernization Act and “An Act to Regulate Virtual Currency Kiosks”, which limits daily transfers, caps fees and exchange rates, and strengthens consumer redress.

New Rules for Digital Wallets A crucial part of the legislation is the unhosted wallet provision, which requires crypto ATM operators to implement technologies that ensure the customer is the rightful owner of the wallet. This is aimed at stopping scammers from controlling victims’ wallets. BCCP Superintendent Linda Conti hailed the new laws as the legal foundation that made the consent agreement possible.

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