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Bitcoin ATM company evaluates sale for $100 million after wash trading accusations
Source: PortaldoBitcoin Original Title: Bitcoin ATM company evaluates sale for $100 million after money laundering allegations Original Link: Crypto Dispensers, an ATM operator based in Chicago that allows users to buy and send Bitcoin and other cryptocurrencies, announced on Friday that it is evaluating a potential sale for around $100 million.
The announcement came just a few days after the U.S. Department of Justice brought charges against the company and its founder and CEO, Firas Isa, alleging that they perpetrated a $10 million money laundering scheme.
Crypto Dispensers and Isa pleaded not guilty to the only charge of conspiracy to commit money laundering against each of them, which carries a maximum sentence of 20 years in federal prison.
The complaint from the Department of Justice alleges that Isa and his company received funds from victims and criminals through Bitcoin ATMs. Despite the “know your customer” (KYC requirements aimed at preventing money laundering, prosecutors claim that Isa converted these illicit funds into cryptocurrencies and transferred them to other wallets.
If convicted, Isa and her company will face the confiscation of assets, including all properties involved in the alleged money laundering, with the government being able to seek substitute assets if necessary.
Crypto Dispensers stated on Friday that it is “evaluating a potential sale valued at approximately $100 million” and that it “hired consultants to support the analysis, at a time of accelerated consolidation in the cryptocurrency and digital asset cash conversion infrastructure sector.”
“This analysis aims to understand the next stage of growth and determine which path generates the most value for the platform we have built,” Isa said in a statement.
The possible sale of the Crypto Dispensers occurs at a time of sharp decline in the markets, after a strong rise in the first 10 months of the year. Bitcoin fell to nearly $81,000 early Friday, marking its lowest price since April. BTC reached a record $126,000 at the beginning of October.