Atlanta, Georgia – On January 16, 2025, an Order to Cease and Desist (“Order”) issued by the Georgia Department of Banking and Finance (“Department”) to Blockchain Technology Machines, Inc. d/b/a RocketBTM, became final.  

The Order to Cease and Desist was issued by the Department after it obtained evidence that Blockchain Technology Machines, Inc. d/b/a RocketBTM engaged in money transmission by operating virtual currency kiosks, often referred to as Bitcoin ATMs, in Georgia without a valid license or under an applicable exemption in violation of O.C.G.A. § 7-1-681. 

Pursuant to O.C.G.A. § 7-1-681(b), Georgia law prohibits any person from transmitting money or monetary value, including virtual currency, within the United States or to locations abroad by any and all means without having first obtained a money transmitter license or pursuant to an exemption from licensure under O.C.G.A. § 7-1-682. 

Under Georgia law, any virtual currency kiosk operator in Georgia which allows or could be utilized to make deposits into third-party wallets must apply for and obtain a money transmitter license unless the virtual currency kiosk operator qualifies for one of the exemptions from licensure provided at O.C.G.A. § 7-1-682. More information on the money transmitter licensure requirements for virtual currency kiosk operators can be found on the Department’s website at https://dbf.georgia.gov/money-service-businesses/msb-frequently-asked-questions and  Download this pdf file. https://dbf.georgia.gov/document/document/virtual-currency-kiosk-guidance .   

 

Contact:

Rod Carnes
Deputy Commissioner for Non-Depository Financial Institutions
Phone: (770) 986-1371
E-mail: [email protected] 

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