Bitcoin Depot, formerly the world’s largest operator of cryptocurrency ATMs, filed for bankruptcy Sunday, in the latest blow to an industry that has been plagued by allegations of facilitating hundreds of millions of dollars of fraud annually.

The company has taken its network — comprising some 9,700 kiosks — offline, CEO Alex Holmes said in a statement on its website, and will cease operations.

Holmes cited “increasingly stringent compliance obligations, including new transaction limits, and in some jurisdictions, outright restrictions or bans” on crypto ATMs that have made the company’s business infeasible.

Local and state governments across the United States have tightened restrictions on the machines, which…