BlockBeats News, May 18th - U.S. Bitcoin ATM operator Bitcoin Depot (Nasdaq: BTM) announced that it has filed for Chapter 11 bankruptcy protection to facilitate an orderly wind-down of its operations and asset sales. The company stated that due to a rapidly changing regulatory environment—where states have been increasing compliance requirements, imposing transaction limits, some regions outright banning or restricting BTM operations, and facing escalated litigation and enforcement pressures—its current business model has become unsustainable.

This company, founded in 2016 and once the largest crypto ATM operator in North America, is now officially exiting the market.