Current Alerts For This Business
According to information in BBB files, Bitcoin Depot has a pattern of complaint alleging billing and collection issues.
Specifically, consumers allege they are charged a 20% transaction fee when the atm states a $3 flat rate transaction fee. Consumers claim they place money in the atm to be surprised when the final amount deposited into their bitcoin wallet is 20% less than the original amount deposited.
On May 15, 2023, BBB sent correspondence to Bitcoin Depot to request their voluntary cooperation in eliminating the pattern of complaint; however, Bitcoin Depot failed to respond.
On September 10, 2024, Bitcoin Depot responded with the following information as a means to eliminate the pattern of complaint:
Thank you for bringing these concerns to our attention. We are apologetic to learn that consumers have been dissatisfied with their overall Bitcoin Depot experience. When a transaction is initiated at one of our kiosks, the amount of cryptocurrency that will be received in exchange for the amount of cash inserted is clearly displayed on the screen. This amount includes all applicable fees, and prior to processing, the customer is required to agree to our terms and conditions and confirm the transaction. Our kiosks are designed to be user-friendly, with a stated flat fee of $3 per transaction. However, it is important to note that the effective fee experienced by the user might differ due to various factors such as network fees or market fluctuations. The final amount deposited into the Bitcoin wallet may reflect these additional costs.
Please see the explanation of our Exchange Service Fee outlined within our Terms and Conditions, specifically Section 9.1. This information is clearly illustrated on our website and displayed at our Kiosks so that consumers are properly informed before any transactions take place.
9.1. Exchange Service Fee. A service fee shall be applied to all exchange transactions and such fee will be communicated to the Customer prior to confirmation of the transaction. The transaction value and service fees are calculated/quoted in “USD” for U.S. Dollar transactions and may be calculated/quoted in USD equivalents for transactions in all other currencies, or in the currency of the transaction. The service fee will be a flat fee of three dollars ($3.00) and Bitcoin Depot shall charge a spread between seventeen and three tenths percent (17.3%) and fifty percent (50%) of the total transaction amount calculated in USD depending upon location. The spread refers to the difference between the cash inserted into the kiosk and the current market value of Bitcoin received, excluding the $3.00 flat fee, which may be significantly greater than other available options for converting fiat currency to Digital Currency.
As we advance, we will continue actively reviewing our fee disclosure process to effectively communicate these additional factors to our users.
BBB will monitor Bitcoin Depot's effort's to eliminate the pattern of complaint. This aspect of the Business Profile will be updated once additional information becomes available.