Cryptocurrency ATM operator Virtual Assets and its CEO are accused of a $10 million money laundering case

According to a statement from the U.S. Attorney's Office for the Northern District of Illinois, cryptocurrency ATM operator Virtual Assets LLC and its CEO Firas Isa were formally charged on Tuesday with involvement in money laundering.

The company operates Bitcoin ATMs under the name "Crypto Dispensers" in multiple locations across the United States. Prosecutors allege that the 36-year-old Isa and his company helped criminals launder at least $10 million in illegal funds through cryptocurrency. It is claimed that the funds in question were first deposited into the company's accounts, then converted into cryptocurrency and transferred to digital wallets to conceal the source of the funds. If convicted, Isa faces a maximum of 20 years in prison. Notably, on the Crypto Dispensers website, Isa had been continuously posting a series of blog articles in October, including "How to Withdraw Bitcoin from ATMs" and "Overview of Bitcoin ATM Regulations in Various Countries." Isa and his company have currently pleaded not guilty to the charges.