*FOR IMMEDIATE RELEASE FROM THE* *WASHINGTON DEPARTMENT OF FINANCIAL INSTITUTIONS*

*Thursday, June 11, 2026**
**CONTACT*:
Lyn Peters, DFI Director of Communications
PH 360-349-8501, Media Inquiry [ [link removed] ]

*Washington State DFI Takes Action Against Bitcoin Depot Operating, LLC*

DFI’s Statement of Charges seeks to revoke Bitcoin Depot’s license, prohibit the company and its responsible individual from the industry, and order the company’s responsible individual to pay a fine of $1.5 million

Olympia – The Washington State Department of Financial Institutions (DFI) issued a Statement of Charges [ [link removed] ] (Charges) against Bitcoin Depot Operating, LLC, alleging Bitcoin Depot’s crypto kiosks charged customers up to 42% more than market price and that the company profited from consumers being scammed.

Bitcoin Depot recently filed for bankruptcy. Washington State consumers who have a claim against Bitcoin Depot may file a claim [ [link removed] ] in the bankruptcy case and may submit complaints about crypto kiosk issues via DFI’s online complaint form [ [link removed] ].

DFI’s Charges follow an investigation that showed most of the WA consumers who were scammed and lost money by using Bitcoin Depot’s ATMs were over 60 years old. The Charges also allege that Bitcoin Depot:


* Did not follow Anti-Money Laundering (AML) and Bank Secrecy Act (BSA) laws;
* Did not monitor for suspicious activity and fraud;
* Did not follow its own Know Your Customer (KYC) policies or verify customers’ identity;
* Did not protect consumers against bad actors and failed to conduct due diligence until a customer put more than $100,000 in cash into a kiosk;
* Did not record all customer information required by law;
* Did not follow legal requirements for its BDCheckout product;
* Did not provide WA customers required disclosures about fees in more than 30,000 transactions.

“DFI will take action to hold companies accountable when serious violations such as these are discovered,” DFI Director Charlie Clark said. “Washington will not allow such businesses to profit by enabling fraud and charging excessive and undisclosed fees while ignoring regulatory requirements.”

Based on the alleged violations of the Uniform Money Services Act, DFI seeks to revoke Bitcoin Depot’s license, prohibit the company and its responsible individual from the industry, and order the company’s responsible individual to pay a fine of $1.5 million. Washington law requires companies pick a responsible individual to manage the business and who is liable for violations of the law. This is one of the most significant fines sought by DFI due to the high number and nature of the alleged violations. Bitcoin Depot and its responsible individual both have a right to request a hearing to contest DFI’s Charges.

*Documents*


* Statement of Charges [ [link removed] ] (PDF)

 

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*About the Division of Consumer Services* www.dfi.wa.gov/industry/consumer-services [ [link removed] ] ▪ 360-902-8703
The mission of the Division of Consumer Services is to protect consumers from illegal and fraudulent financial products and services. The division accomplishes its mission through licensing, licensee examinations, investigations, and enforcing selected state and federal statutes and rules. Consumer Services regulates the business activities of consumer loan companies, mortgage brokers, money transmitters, and currency exchangers, as well as check cashers and sellers, also known as "payday lenders." The Division is entirely self-supporting, with funding provided by licensing, auditing, and policing of regulated businesses and individuals. No money is received from the state General Fund or other public revenue source.

*About DFI* ▪ www.dfi.wa.gov [ [link removed] ] ▪ 360-902-8700 ▪ 877-RINGDFI (746-4334)
The Washington State Department of Financial Institutions regulates a variety of financial service providers such as banks, credit unions, mortgage brokers, consumer loan companies, payday lenders and securities brokers and dealers. The department also works to improve financial education throughout Washington through its outreach programs and online clearinghouse www.dfi.wa.gov/financial-education [ [link removed] ]. In addition to posting information about licensees and administrative actions, DFI uses the Web and social media to provide financial education information: [link removed] ■ www.instagram.com/wastatedfi/ [ [link removed] ] ■ [link removed] ■ [link removed] ■ [link removed] ■ www.homeownership.wa.gov [ [link removed] ] ■ www.linkedin.com/company/state-of-washington-department-of-financial-institutions/ [ [link removed] ] ■ [link removed]

 

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