The CEO of crypto ATM operator Bitcoin Depot has resigned, and the former CEO of MoneyGram has taken over to address regulatory pressure.

PANews reported on March 25th that Bitcoin ATM operator Bitcoin Depot announced the resignation of CEO Scott Buchanan, who will be succeeded by former MoneyGram CEO Alex Holmes. Buchanan held several senior leadership positions within the company since 2019, and his resignation was not due to disagreements with the company. Founder Brandon Mintz also resigned as executive chairman but remains on the board and as an advisor. This personnel change comes less than three months after the company announced its transition plan last November.

Bitcoin Depot is facing increasing regulatory pressure. Connecticut shut down its Bitcoin ATM operations last week for excessive fees and failure to refund victims of fraud. The company warned investors that core revenue could decline by 30% to 40% this year due to the regulatory environment and compliance standards.