Bitcoin Depot, a Bitcoin ATM operator, has had its license suspended by the state of Connecticut.

PANews reported on March 18 that, according to Decrypt, Bitcoin Depot, the world's largest Bitcoin ATM operator, had its money transfer license suspended by Connecticut regulators. The regulators' investigation found multiple violations in Bitcoin Depot's operations in the state: charging some users fees exceeding the state's 15% cap, involving more than 1,000 transactions and resulting in over 500 consumers overpaying approximately $150,000; failing to fully refund funds sent by fraud victims through its self-service terminals; and failing to meet certain disclosure and compliance requirements. The order requires the company to immediately cease operations in the state and shut down its self-service terminals.

In a separate filing, Bitcoin Depot stated that it expects to report an unresolved "significant deficiency" in its internal controls in its annual report. The company's stock closed at around $4 on Tuesday, down about 39% over the past month and about 55% year-to-date.