TLDR
- Bitcoin Depot agreed to pay $1.9 million to refund Maine residents defrauded through its cryptocurrency kiosks.
- The Maine Bureau of Consumer Credit Protection announced the settlement after a two-year investigation.
- Only residents who used Bitcoin Depot kiosks between 2022 and 2025 and sent funds to unhosted wallets are eligible for refunds.
- Victims must submit claims on the BCCP website by April 1, 2026 to qualify for compensation.
- Refunds are expected to be processed and paid out in May 2026 after claim reviews are complete.
Bitcoin Depot has entered a $1.9 million settlement with the Maine Bureau of Consumer Credit Protection following a two-year investigation, allowing compensation for state residents defrauded by third-party scammers through the company’s cryptocurrency kiosks and securing legal operation rights.
Consent Agreement Secures Refunds for Maine Scam Victims
The Bureau announced the consent agreement on its official website and confirmed Bitcoin Depot’s cooperation in the resolution. The settlement aims to refund Maine residents who used Bitcoin Depot kiosks and lost funds to scams between 2022 and 2025.
Affected users must have deposited crypto into unhosted wallets controlled by third-party fraudsters during that timeframe. The state clarified that unhosted wallets are not linked to institutions or exchanges and are user-controlled digital wallets.
Bitcoin Depot also received a money transmitter license through the agreement, granting it legal permission to operate in Maine. However, the company’s website does not currently list Maine as an active service location.
The $1.9 million pool will be distributed based on valid claims submitted by eligible users. Each claim must be filed before the April 1, 2026 deadline through the BCCP’s official claim portal.
Consumer Protection Laws Back Agreement
The Bureau credited Maine’s new consumer protection laws for enabling the agreement’s terms and regulatory enforcement. Superintendent Linda Conti highlighted these laws as key, especially those focusing on virtual currency transmission and unhosted wallets.
Governor Janet Mills also applauded the outcome, saying it “will put money back into the pockets of Maine people.” Mills called on residents to speak to family members about online scams and how to avoid falling victim.
In June, the state passed “An Act to Regulate Virtual Currency Kiosks,” which capped fees and enforced stricter consumer protections. The act also introduced limitations on daily transaction amounts at kiosks to reduce scam-related risks.
The 2024 Maine Money Transmission Modernization Act further required money transmitters to verify customer wallet ownership. This provision forces crypto kiosk operators to implement secure systems for consumer-controlled wallets.
Claims Process and Timeline Explained
Only residents who used a Bitcoin Depot kiosk in Maine and sent funds to unhosted wallets are eligible for compensation. The BCCP emphasized that all claims must follow these criteria to qualify for potential refund payments.
Refund amounts will depend on the number of valid claims and the total amount lost by each approved claimant. The Bureau has not disclosed how many people were affected or the total value of losses submitted so far.
The state said it would review all claims after the April deadline and distribute funds beginning in May 2026. Late submissions will not be accepted, and the refund process will only apply to verified victims within the required period.
Bitcoin Depot has not publicly commented on the settlement, and no additional details have been released by the company. The BCCP’s official website remains the only source for filing and tracking refund claims related to this case.
Get 3 Free Stock Ebooks
Discover top-performing stocks in AI, Crypto, and Technology with expert analysis.
- Top 10 AI Stocks - Leading AI companies
- Top 10 Crypto Stocks - Blockchain leaders
- Top 10 Tech Stocks - Tech giants
