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Bitcoin Depot had roughly 220 machines running in Canada when the Canadian government released its Spring Economic Update in April, proposing a nationwide ban on crypto ATMs to combat scammers and money launderers. The timing could not have been worse for the company. A Company Running Out Of Room The Atlanta-based crypto kiosk operator disclosed in a Form 10-Q filing with the US Securities and Exchange Commission on Tuesday that management has “substantial doubt” about whether the business can keep running. Chief financial officer David Gray cited more than $20 million in legal judgments accrued in the fourth quarter of 2025, alongside a wave of lawsuits from state regulators and a sharp drop in transaction volume. Revenue fell by $80 million in the first quarter of 2026 compared to the same period a year earlier. The company also posted a net loss of $9.5 million over those three months. Officials pointed to tightening regulations and enhanced compliance controls as the main reasons customers are using the machines less. States Are Closing The Door The legal pressure started before the Canadian proposal. In January, Bitcoin Depot paid close to $2 million to Maine’s Consumer Credit Protection Bureau to settle a complaint. Massachusetts, Iowa, and other states have since filed their own actions against the company. Individual cities and towns have also moved to restrict or ban crypto kiosks, with local officials citing concerns about residents falling victim to scams. Shares of Bitcoin Depot, which trade on the Nasdaq under the ticker BTM, dropped more than 40% over five trading days, sliding from $5 to $2.90. In March, the company replaced CEO Scott Buchanan, who had held the position for just three months, with Alex Holmes. Holmes ran MoneyGram from 2016 to 2024 and is known for his background in regulatory compliance — a skill set Bitcoin Depot clearly needs right now. Leadership Shift, Uncertain Road The company’s SEC filing described the revenue decline as being driven by a combination of regulatory impacts and enhanced compliance controls. Reports indicate Bitcoin Depot is trying to manage existing legal exposure while adapting to a market that looks very different than it did a year ago. Whether the new leadership can stabilize the business remains to be seen. The machines are still running. The lawsuits are not stopping. And the regulatory walls are getting closer on both sides of the border. Featured image from ICIJ, chart from TradingView