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

PANews March 18th news, according to Decrypt, the world's largest bitcoin ATM operator, Bitcoin Depot, has been urgently suspended from its money transmission license by Connecticut regulators. The 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 causing over 500 consumers to overpay by about $150,000; failing to fully refund funds sent by fraud victims through its self-service terminals; and not meeting 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 another document, Bitcoin Depot stated that it expects to report "material weaknesses" in its internal controls that have not been remedied in its annual report. The company's stock price was about $4 on Tuesday, down about 39% over the past month and down about 55% year-to-date.