CHICAGO / LONDON (IT BOLTWISE) – Bitcoin ATM operator Crypto Dispensers is considering a $100 million sale after both the company and its founder Firas Isa faced money laundering allegations. The indictment alleges that Isa and his company converted funds into cryptocurrencies through Bitcoin ATMs, despite existing KYC requirements.
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Bitcoin ATM operator Crypto Dispensers, also known as Virtual Assets LLC, is currently in the spotlight as the company considers a potential $100 million sale. This reflection comes just days after the US Department of Justice filed charges against the company and its founder and CEO Firas Isa. The indictment accuses them of being involved in a $10 million money laundering scheme.
Crypto Dispensers, based in Chicago, operates ATMs that allow users to purchase and send Bitcoin and other cryptocurrencies. Both the company and Isa have pleaded not guilty. The charges include conspiracy to commit money laundering, which could carry a maximum sentence of 20 years in federal prison. According to the prosecution’s allegations, Isa and his company are said to have received funds from victims and criminals via Bitcoin ATMs and converted them into cryptocurrencies despite existing know-your-customer (KYC) requirements.
If convicted, Isa and his company face confiscation of assets, including any owners involved in the alleged money laundering. The government could also pursue replacement assets if necessary. Amid these legal challenges, Crypto Dispensers has announced that it has hired advisors to support the potential sale as consolidation increases in the cash-to-crypto and digital asset infrastructure space.
The potential sale of Crypto Dispensers comes at a time when markets have slumped after a sharp rise in the first ten months of the year. Bitcoin fell to nearly $81,000 early Friday, hitting its lowest price since April after hitting a record high of $126,000 in early October. This market volatility could play a role in the company’s decision to explore its options.
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