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Bitcoin Depot Files Chapter 11 Bankruptcy
Qadir Ak is the founder of Coinpedia. He has over a decade of experience writing about technology and has been covering the blockchain and cryptocurrency space since 2010. He has also interviewed a few prominent experts within the cryptocurrency space.
Bitcoin Depot has entered voluntary Chapter 11 bankruptcy proceedings to wind down operations and sell assets after mounting regulatory pressure battered its business model. The company said stricter state compliance rules, transaction limits, lawsuits and enforcement actions made Bitcoin ATM operations increasingly unsustainable. Its entire ATM network has already been shut offline. CEO Alex Holmes said fraud prevention measures were expanded, but worsening legal and financial conditions left restructuring as the only viable path forward for the struggling crypto cash-access sector.
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