Crypto Dispensers is considering a sale valued at about $100mn days after Firas Isa, the founder of the Chicago-based bitcoin ATM operator, was accused of a $10mn money laundering conspiracy.
Isa founded Virtual Assets LLC, which did business as Crypto Dispensers. The company operated a cash-to-cryptocurrency exchange business, which included cryptocurrency ATMs at various locations throughout the United States, allowing individuals to convert cash, checks, or other monetary instruments into cryptocurrency.
Fraud charges
It is alleged that that criminals “and in some instances, fraud victims" sent least $10mn in proceeds from wire fraud and drug offenses to Crypto Dispensers, Isa “or a co-conspirator”, according to a press release from the District Attorney’s office for the Northern District of Illinois on 18 November.
After the proceeds were sent, “Isa converted or caused to be converted the cryptocurrency and thereafter transferred the cryptocurrency to virtual wallets to disguise the true source and ownership of the proceeds,” the release says. The indictment alleges that Isa knew the money was derived from fraud.
He and Virtual Assets are each charged with one count of money laundering conspiracy. Isa and his company have pleaded not guilty to the charges, the release says.
Potential sale
Three days after the indictment was disclosed, Crypto Dispensers said it was considering a potential sale, citing a pivot to a software-based model from a physical network based on “the structural limitations” of the ATM format, according to a press release issued via Chainwire.
“Rising fraud exposure, regulatory pressure, compliance demands, and low repeat usage signaled that the industry would ultimately shift away from hardware toward software-based access,” the company said, without referencing the charges against Isa and Virtual Assets.
Continued operations
Crypto Dispensers said it has hired advisors for a review of its plans, adding that there is no assurance of any transaction, and that it may continue “operating independently depending on the outcome”.
Bitcoin Depot has the largest market share of Bitcoin ATMs in North America with over 9,000 kiosk locations as of August 2025. Scams related to the use of Bitcoin ATMs have led to tighter scrutiny and outright bans of the kiosks in some US cities, including in St. Paul, Minnesota in the past week.
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