Bitcoin ATM firm explores $100M sale following CEO’s federal indictment

Crypto Dispensers, a Chicago-based Bitcoin ATM operator, is considering a $100 million sale amid serious legal troubles for its CEO, Firas Isa. The company's decision comes after Isa was indicted by the U.S. Department of Justice for allegedly running a multimillion-dollar money laundering scheme. The indictment asserts that Isa accepted proceeds from fraud and drug trafficking via the firm's ATM network, converting these into cryptocurrency while allegedly violating Know Your Customer (KYC) requirements. Despite facing these allegations, both Isa and the company have pleaded not guilty. The potential sale review aligns with a strategic shift the company made in 2020 towards a software-driven model, which was intended to address rising issues related to fraud and regulatory scrutiny. While the company may continue to operate independently, it has hired advisors to assess buyer interest in this possible transaction. The scrutiny on crypto ATMs has escalated, with regulatory bodies and local governments increasing restrictions and bans due to rising scam complaints related to these machines.

Source 🔗