COLUMBUS, Ohio — I have a consumer alert to pass along for Ohioans who have used cryptocurrency ATM kiosks operated by a company that recently filed for bankruptcy.
In the past year, Bitcoin Depot Inc. processed more than 10,600 individual transactions in Ohio across at least 50 machines.
The Ohio Department of Commerce Division of Financial Institutions identified about 32 consumers who are owed more than $90,000 in refunds.
However, the agency is trying to raise awareness for other Ohioans who may be entitled to a refund. This could include victims of scams who used Bitcoin Depot Inc. machines.
In its filing in Texas court, Bitcoin Depot Inc. said stricter laws aimed at preventing scams hurt its business, as did moves by several states to ban crypto ATMs altogether.
I learned Ohio is not one of the states that has adopted stricter oversight protections for these devices – at least not yet.
"We don't have any daily transactions and limits for instance. We don't have any fee restrictions for instance. But, and I know, that there is a bill pending in the state legislature right now that would address some of those concerns,” said Ingrid White, Dept. of Commerce, Division of Financial Institutions.
The Division of Financial Institutions has been licensing companies that operate crypto ATMs as money transmitters since 2002.
Right now, about 13 of them are operating across Ohio.
Ohio consumers who believe they are owed money or have an outstanding claim with Bitcoin Depot Inc. may file a claim through the bankruptcy case.
Before filing a claim, the Division of Financial Institutions urges consumers to gather all receipts, transaction records, and supporting documentation.
Consumers can also contact the company’s restructuring hotline at 844-339-4117 or email bitcoindepotinfo@ra.kroll.com for assistance.
