Bitcoin Depot, North America's largest Bitcoin ATM operator, has filed for Chapter 11 bankruptcy protection, ceasing operations of its 9,000 machines across 47 states. The Atlanta-based company cited regulatory pressures, particularly from California's $1,000 daily withdrawal limit, as a significant factor in its financial struggles. The company's revenue plummeted by nearly 49% year-over-year, turning a $12.2 million profit into a $9.5 million loss, and its stock dropped 80% following the announcement. The bankruptcy filing highlights the challenges faced by the Bitcoin ATM industry, which has been under increased scrutiny for facilitating fraud, especially targeting vulnerable populations. Bitcoin Depot had previously issued a warning about its operational weaknesses. The shutdown of its ATMs marks a significant reduction in physical access to Bitcoin, impacting unbanked and underbanked populations who rely on these machines to purchase cryptocurrency with cash.