State regulators announced a consent agreement with Bitcoin Depot to recover $1.9 million defrauded from Mainers through Bitcoin kiosks. The deal requires Bitcoin Depot to comply with Maine consumer protection laws and to operate as a money transmitter in the state. The agreement followed emergency legislation signed by Governor Janet Mills last June to limit daily transmission amounts and cap fees and exchange rates at virtual currency kiosks.
Linda Conti, superintendent of the Bureau of Consumer Credit Protection, credited Maine’s new consumer protection laws with enabling the settlement and highlighted the unhosted wallet provision that requires money transmitters to use new technologies to ensure residents own and control their wallets. Maine residents who lost money at a Bitcoin Depot kiosk can submit a claim on the state’s website, and they may call the bureau at 207-624-8527 with questions.
Officials say the agreement enhances protections for residents using crypto kiosks and demonstrates how updated consumer protections can extend to crypto service providers. The settlement underscores ongoing oversight of digital currency services in Maine.
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