Bitcoin ATM Boss Faces Money Laundering Charges as Company Eyes $100M Sale

TLDR

• Crypto Dispensers, a Chicago-based Bitcoin ATM operator, is exploring a $100 million sale after hiring advisors for a strategic review.
• CEO Firas Isa faces federal money laundering charges for allegedly facilitating a $10 million scheme through the company’s ATM network between 2018 and 2025.
• The DOJ claims Isa knowingly accepted proceeds from wire fraud and narcotics trafficking and converted them into cryptocurrency.
• Both Isa and Crypto Dispensers have pleaded not guilty to the conspiracy charge, which carries a maximum 20-year federal sentence.
• The company shifted from physical ATMs to software operations in 2020, citing fraud, compliance pressure, and regulatory scrutiny as reasons for the change.

Crypto Dispensers announced Friday it is considering a potential $100 million sale. The Chicago-based Bitcoin ATM operator has hired advisors to conduct a strategic review and explore buyer interest.

The announcement comes days after federal prosecutors unsealed an indictment against CEO Firas Isa. The US Department of Justice charged Isa and his company with conspiracy to commit money laundering.

Prosecutors allege Isa facilitated a $10 million laundering scheme between 2018 and 2025. The indictment claims he knowingly accepted proceeds from wire fraud and narcotics trafficking through the firm’s ATM network.

The DOJ says Isa converted illicit funds into cryptocurrency despite KYC requirements. Prosecutors claim he then transferred the funds to wallets designed to hide their origin.

Both Isa and Crypto Dispensers have pleaded not guilty to the single conspiracy count. If convicted, Isa faces a maximum sentence of 20 years in federal prison.

Company Pivoted to Software Model

Crypto Dispensers shifted away from physical ATMs in 2020. The company moved to a software-driven model to address what it called rising fraud exposure and compliance demands.

In the Friday press release, Isa described the sale review as part of the firm’s next growth phase. He did not address the federal charges in his statement.

The company said it may continue operating independently depending on the outcome. There is no guarantee any transaction will be completed.

Crypto ATMs Face Growing Scrutiny

Crypto ATMs have faced mounting pressure from US regulators and local governments. The FBI reported nearly 11,000 scam complaints tied to crypto kiosks in 2024.

Those complaints totaled more than $246 million in losses. Lawmakers have scrutinized the machines’ anonymity and role in facilitating illegal activity.

Several US cities have responded with bans and strict limits. Stillwater, Minnesota, prohibited crypto kiosks after multiple residents lost thousands of dollars to scams.

Other jurisdictions have chosen restrictions instead of outright bans. Grosse Pointe Farms, Michigan, imposed a $1,000 daily limit and $5,000 two-week cap on future kiosk transactions.

Crypto Dispensers did not respond to requests for comment about how the pending criminal charges might impact a potential sale. The company also did not disclose whether it has identified any buyers.

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