Bitcoin ATM Operator Files for Bankruptcy as Florida Tightens Rules to Avoid Fraud For months, investigative journalist Shannon Behnken has exposed how criminals exploit Bitcoin ATMs to defraud elderly Floridians. Now, new state legislation aimed at curbing cryptocurrency-related fraud has been enacted, prompting one of the largest Bitcoin ATM operators in North America to file for bankruptcy. The law, set to take effect in January, imposes strict limits on daily deposits for new users and existing customers, while the industry faces mounting regulatory pressure. Florida lawmakers recently passed a bill designed to combat fraud involving cryptocurrency kiosks. The law restricts new users to a daily deposit limit of $2,000, while existing customers may transact up to $10,000 per day. Lawmakers argue the measure is intended to slow the rapid movement of cash in fraudulent schemes, which have been difficult to trace due to the anonymity and speed of Bitcoin transactions. Bitcoin Depot, the largest Bitcoin ATM operator in North America, has filed for Chapter 11 bankruptcy protection and announced plans to dismantle its network of over 9,000 machines. The company’s CEO attributed the decision to increasing regulatory scrutiny and outright bans on the machines in several states. The move highlights the growing challenges facing the industry as governments seek to balance innovation with consumer protection. The issue has been central to Behnken’s investigative reporting, which has uncovered how scammers use Bitcoin ATMs located in gas stations and retail stores to target vulnerable victims. One recent case involved Beth Gibson, who lost $6,000 after falling for a scheme involving a fraudulent phone call.#florida #shannon_behnken #bitcoin_depot #michael_owen #darryl_rouson
