Search results for Chapter 11
Crypto
Crypto ATMs face tighter space as U.S. states roll out bans and restrictions
Regulation of crypto ATMs is tightening rapidly across the United States. Tennessee has banned the installation and use of crypto ATMs and kiosks, while Georgia has introduced rules covering transaction limits, scam warnings and refunds in some fraud cases. Other states including Indiana and Minnesota are also moving to prohibit the machines. The measures follow rising fraud tied to crypto ATMs, including cases involving older residents. The tougher rules are also pressuring operators, including Bitcoin Depot, which sought Chapter 11 protection in May.
Crypto
Bitcoin Depot halts ATM business after losing fee edge and facing regulatory burden
Bitcoin Depot, North America\'s largest bitcoin ATM operator, has halted its cryptocurrency ATM network after seeking bankruptcy protection in the United States. It filed for Chapter 11 in a Texas bankruptcy court and plans to pursue asset sales under court supervision. The company said financial performance deteriorated sharply, pressured by cheaper regulated apps, high costs to maintain more than 9,000 machines and stricter state-by-state rules. Fraud-related allegations and enforcement actions in Massachusetts and Connecticut also added to the strain.
Industry
China LED chip maker Sanan Optoelectronics drops bid for Dutch firm after U.S. security review
Chinese LED chip maker Sanan Optoelectronics has abandoned its planned acquisition of Dutch technology company Lumileds Holding after opposition from U.S. authorities. Its Malaysian partner, Inari Amertron Berhad, withdrew a $239 million cash offer after the Committee on Foreign Investment in the United States cited “unresolvable” national security risks. Sanan said CFIUS asked for the filing to be withdrawn and the deal to be abandoned, and both sides halted the process.
