Bitcoin ATM Company Founder Charged in Alleged $10 Million Money Laundering Scheme

Firas Isa, the founder of Virtual Assets LLC, was charged by federal prosecutors in Chicago for orchestrating a money laundering conspiracy involving at least $10 million. The indictment alleges that Isa converted proceeds from fraud and narcotics into cryptocurrency through a network of cash-to-cryptocurrency ATMs dubbed Crypto Dispensers. Despite regulatory requirements for Know Your Customer (KYC) protocols intended to prevent money laundering, Isa allegedly facilitated the transfer of illicit funds received by the ATMs into digital wallets. The Department of Justice indicated that Isa was aware the money was from illegal activities. Both Isa and his company have entered not-guilty pleas, with a status hearing scheduled for January 30, 2026. This development comes as federal authorities are revising their approach to regulating the cryptocurrency market, following shifts in enforcement strategies and combating systems for crypto scams originating from China.

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