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Crypto ATM operator Bitcoin Depot has reached a settlement with the state of Maine, agreeing to a multi-million dollar fine over allegations that its kiosks led to widespread fraud targeting vulnerable residents. “BCCP’s agreement with Bitcoin Depot requires Bitcoin Depot to pay $1.9 million dollars that will be used to make payments to Mainers who lost money in scams perpetrated at Bitcoin Depot kiosks throughout the State,” a consent agreement published on Monday states. A multi-year case around Bitcoin ATMs The settlement brings an end to a two-year-long case that was filed in 2023. State regulators alleged that several kiosks operated by Bitcoin Depot across Maine were becoming “instrumentalities of massive fraud” by facilitating third-party scams that specifically targeted vulnerable consumers, often the elderly. Bitcoin Depot denied any wrongdoing and has argued in court that it employs prominent on-screen warnings and fraud alerts. However, prosecutors argued that the company intentionally failed to implement fraud-prevention safeguards despite being aware of the criminal activities and the significant income derived from them. Further, the state alleged that Bitcoin Depot misled consumers by not clearly disclosing high transaction fees and inflated exchange rates, which often led to users incurring deductions as high as 23%. In response, prosecutors sought a $1.9 million financial penalty, which will be placed into a fund managed by the Maine Attorney General to compensate victims defrauded between 2022 and 2025. As a part of the deal, the ATM operator would also have to comply with new consumer protection standards, including rules regarding “unhosted wallets” that make it harder for scammers to take control of a victim’s funds during a transaction. However, the agreement has also brought with it a regulatory concession in the form of a money transmitter license. This license will now allow Bitcoin Depot to legally operate in the state, even though details from the company’s website suggest the state is yet to be listed among its active locations . Regulators in Maine have had to take increasingly aggressive measures to mitigate damages caused by third-party scams, where fraudsters, often impersonating tech support or government officials, coerced victims into using kiosks to convert cash into cryptocurrency. By 2024, these scams had caused significant financial harm to Maine residents, including a senior citizen who lost funds at an Old Orchard Beach kiosk. In response, Governor Janet Mills signed emergency legislation dubbed the Act to Regulate Virtual Currency Kiosks in June 2025, which established strict daily transaction limits and fee caps to deter scammers. “I am grateful that our Bureau of Consumer Credit Protection secured this agreement that will put money back into the pockets of Maine people who were defrauded by predatory third-party scammers,” Governor Janet Mills said in a recent statement regarding the settlement. Crypto ATM scams remain a problem Across the globe, crypto ATMs have drawn a lot of heat for the same reason. In many jurisdictions, there are even stricter laws in place, including tighter fee disclosures, user verification rules, and mandatory transaction limits. Meanwhile, some countries like New Zealand and the Philippines have placed outright bans on ATMs, while others are formulating regulatory frameworks to govern these machines. Nevertheless, bad actors have continued to target unsuspecting users, and the latest data from the FBI claims that scammers defrauded Americans of more than $333 million through dubious schemes involving crypto ATMs between January and November 2025. The post Bitcoin Depot to pay $1.9M to scam victims in Maine crypto ATM case appeared first on Invezz