The operator of cryptocurrency ATMs, Crypto Dispensers, has announced it is considering a potential sale of the company for an estimated value of $100 million. This decision comes shortly after the U.S. federal prosecutor charged the founder and CEO of Crypto Dispensers, Firas Issa, with involvement in a years-long scheme to launder $10 million through a network of ATMs.
This is reported by Business • Media
Strategic Review and Business Model Change
The company emphasizes that the potential sale is related to a strategic analysis of the business, rather than investigative actions. To this end, Crypto Dispensers has engaged external consultants to help evaluate various development options, including a complete sale of the company. According to company representatives, as early as 2020, Crypto Dispensers abandoned physical Bitcoin ATMs and fully transitioned to a software service model. The main reasons for this decision included rising fraud risks, increased regulatory requirements, and low repeat usage of the devices.
Charges and Company Position
Despite the company’s official statements, these factors have become the focus of the U.S. Department of Justice investigation. According to the investigation, Firas Issa, along with the company Virtual Assets LLC, facilitated the laundering of millions of dollars obtained from fraud and illegal drug trafficking over several years. The prosecution claims that the funds flowed through the network of cryptocurrency ATMs and were then converted into cryptocurrency to conceal their origin. Investigators report that Issa organized the transfer of illegal proceeds to anonymous crypto wallets, facilitating the further movement of these funds. If Issa is found guilty, he faces up to 20 years in prison.
Crypto Dispensers “has been based on compliance with regulatory requirements from the very beginning.”
The company did not comment on whether the criminal case affects the sale process, nor did it disclose whether negotiations are underway with potential buyers. Platform representatives emphasized that the transition to a software model has been an important step for future development, and the strategic review aims to determine the optimal growth path and maximize value for the platform.
It is worth noting that in Australia, there have been previous proposals to restrict access to cryptocurrency ATMs as part of increased oversight of this segment of financial technology.