HARTFORD, Conn.–The world’s largest bitcoin ATM operator has been temporarily barred from conducting business in Connecticut.
Bitcoin Depot had its money transmission license suspended by the state’s banking commissioner due to allegations that it had violated compliance requirements, overcharged customers and failed to refund fraud victims, according to Decrypt.co.
The report also noted that Bitcoin Depot recently said in a securities filing that it expects to list unremediated “material weaknesses” in its internal controls when it submits its annual report.
The company said those issues did not lead to material errors or omissions in its earlier financial statements and are not expected to change the numbers, Decrypt reported.
The banking commissioner’s order said regulators found that “public safety and welfare imperatively require emergency action” to suspend the company’s license
