The operator of the cryptocurrency ATM network, Crypto Dispensers, is considering the sale of the company for an estimated price of $100 million. This issue has become relevant after the U.S. federal prosecutor charged the founder and CEO, Firas Issa, suspecting him of involvement in schemes to launder $10 million.
This is reported by Finway
Criminal Case and Business Strategic Review
In an official statement, Crypto Dispensers emphasizes that the consideration of sale options is not related to the criminal proceedings against Issa, but is a result of a strategic business analysis. The company has engaged consulting experts to explore optimal development paths, including a potential full sale.
As early as 2020, Crypto Dispensers abandoned physical Bitcoin ATMs, fully focusing on software solutions. This move is explained by increased fraud risks, heightened regulatory requirements in the industry, and low repeat usage of ATMs. However, these very factors have become the subject of investigation by the U.S. Department of Justice.
Charges and Future Development of the Company
According to the prosecutor’s office, Firas Issa and his associated company, Virtual Assets LLC, conducted transactions amounting to millions of dollars through the network of cryptocurrency ATMs over several years, with funds obtained through fraud and illegal drug trafficking. These funds, according to the investigation, were converted into cryptocurrency to conceal their origin. It is also noted that Issa organized transfers to wallets with enhanced anonymity, facilitating the further movement of illegal finances.
Firas Issa denies any wrongdoing and asserts that the Crypto Dispensers platform has strictly adhered to regulatory requirements since its inception.
Crypto Dispensers “has been based on compliance with regulatory requirements from the very beginning.”
If convicted, Issa faces up to 20 years in prison. The company does not disclose whether it is in negotiations with potential investors and does not respond to questions regarding the impact of the criminal case on the sale process. Company representatives emphasize that the current strategic review aims to choose the best path for further growth and development of the platform.