Maine’s Bureau of Consumer of Credit Protection announced last week that the Bureau has entered into a consent agreement with an operator of Bitcoin Kiosks, Bitcoin Depot, that recovers $1.9 mlilion taken by third-party scammers who defrauded Maine consumers through their kiosks.

In addition to providing $1.9 million to compensate consumers for fraudulet transactions, as part of the consent agreement, Bitcoin Depot will fully comply with Maine’s consumer protection laws to operate as a licensed money transmitter in the state.

“Maine’s new consumer protection laws have allowed us to come to this consent agreement and protect vulnerable consumers from falling victim to third-party scams,” said Linda Conti, Superintendent of the Bureau of Consumer Credit Protection.  “These laws include the unhosted wallet provision under Maine law, which requires money transmitters to employ new technologies to ensure that Maine consumers own and control their virtual wallets.  I wish to thank Bureau staff for their exceptional work in this investigation, the Office of the Attorney General for negotiating this significant agreement and the Secretary of State’s Bureau of Motor Vehicles for its assistance in the investigation.”

The full consent agreement and FAQs for consumers are now available on the Bureau’s website.  Consumers with questions are encouraged to contact the Bureau at 1-800-332-8529 or (207) 624-8527.