Connecticut Suspends Bitcoin Depot's License Over Excessive Fees

Connecticut regulators have suspended Bitcoin Depot's money-transmission license, citing allegations that the company charged users fees exceeding the state's 15% cap. According to NS3.AI, the suspension requires Bitcoin Depot to disable its kiosks. Regulators reported that over 1,000 transactions resulted in approximately $150,000 in excess fees affecting more than 500 consumers. Additionally, the order highlights incomplete refunds for some fraud victims. In a separate notice, Bitcoin Depot disclosed it anticipates reporting unresolved material weaknesses in internal controls but does not expect changes to previous financial statement figures.