Bitcoin ATM Firm Weighing $100 Million Sale Following Money Laundering Charges
Crypto Dispensers (aka Virtual Assets LLC), a Chicago-based operator of ATMs that let users buy and send Bitcoin and other cryptocurrencies, said Friday that it is weighing a potential sale valued around $100 million.
The announcement came just days after the U.S. Department of Justice filed charges against both the company and founder and CEO Firas Isa, alleging that they perpetrated a $10 million money laundering scheme.
Crypto Dispensers and Isa have pleaded not guilty to the single money-laundering conspiracy charge against each, which holds a maximum sentence of 20 years in federal prison.
The DOJ filing alleged that Isa and his company received funds from victims and criminals through Bitcoin ATMs. Despite know-your-customer (KYC) requirements meant to prevent money laundering, prosecutors claim Isa converted these illicit funds into cryptocurrency and transferred them to other wallets.
If convicted, Isa and his company would face asset forfeiture, including all property involved in the alleged money laundering, with the government able to pursue substitute assets if necessary.
Crypto Dispensers said Friday that it is “evaluating a potential sale valued at approximately $100 million,” and that it has “retained advisors to support the review as consolidation accelerates across the cash-to-crypto and digital asset infrastructure sector.”
“This review is about understanding the next stage of growth and determining which path creates the most value for the platform we have built,” Isa said in a statement.
Decrypt reached out to Crypto Dispensers to clarify whether the firm has lined up a potential buyer or is rather announcing its openness to a deal. Decrypt also sought comment regarding the U.S. charges, but did not immediately receive a response to the queries.
Crypto Dispensers’ potential sale comes as markets have crashed following a huge upswing over the first 10 months of the year. Bitcoin fell to nearly $81,000 early Friday, notching its lowest price since April. BTC set a record high of $126,000 in early October.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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