Maine Secures $1.9 Million Settlement from Bitcoin Depot to Refund Scam Victims

Source: CryptoNewsNet Original Title: Maine has secured a $1.9 million settlement from Bitcoin Depot to refund scam victims Original Link:

Background

The Maine Bureau of Consumer Credit Protection (BCCP) has announced a consent agreement with Bitcoin Depot, a major operator of crypto ATMs. The company will pay $1.9 million to compensate Maine residents who lost funds to third-party scams linked to the company’s kiosks.

Settlement Details

According to the BCCP’s official update, Bitcoin Depot has resolved concerns regarding its practices with assistance from the Maine Attorney General. The $1.9 million settlement will compensate Mainers who lost money in scams perpetrated at Bitcoin Depot kiosks throughout the state by third parties.

The consent agreement also grants Bitcoin Depot a money transmitter license, allowing it to operate legally in Maine. The agreement comes after a two-year-long investigation.

Eligibility Requirements

Only people who were taken advantage of by a third party while using a Bitcoin Depot kiosk may be eligible for a refund. Eligible claimants must meet the following criteria:

• Were Maine residents between 2022 and 2025
• Used a Bitcoin Depot kiosk in Maine during the same period to convert cash to cryptocurrency
• Deposited the cryptocurrency into an “unhosted wallet” provided by a scammer or other third-party fraudster

An “unhosted wallet” is a type of digital wallet hosted and controlled by a user, rather than a financial institution, money transmitter, exchange or other virtual asset service provider.

Claims Process and Timeline

The deadline for filing a claim on the Bureau’s website is April 1, 2026. Claims submitted after that date will reportedly be dismissed. Those who meet all requirements and file within the deadline are expected to receive refunds in May after processing.

The exact refund amounts remain unclear, as the Bureau will not know the total until it has received and reviewed all claims. This is due to uncertainty about how many Mainers lost funds, exact kiosk locations, and individual loss amounts.

Government Response

Maine’s Governor Janet Mills praised the Bureau for the consent agreement, stating it “will put money back into the pockets of Maine people who were defrauded by predatory third-party scammers.” Mills has urged all Mainers to discuss scam threats and precautions with loved ones.

In response to rising financial losses from scams, Maine has adopted protective laws including the Maine Money Transmission Modernization Act (signed in 2024) and “An Act to Regulate Virtual Currency Kiosks” (signed in June as emergency law). These laws cap daily transmission amounts from virtual currency kiosks, limit fees and exchange rates, provide consumer redress, and require money transmitters to employ technologies ensuring Maine consumers own and control their virtual wallets.

BCCP Superintendent Linda Conti has praised these consumer protection laws as the foundation enabling the consent agreement.