Firas Isa and Virtual Assets LLC allegedly converted wire fraud and narcotics proceeds through crypto ATMs into cryptocurrency.
By Zoran Spirkovski
Editor Hamza Tariq
Updated
2 mins read
U.S. federal prosecutors charged the founder of a Chicago cryptocurrency company with money laundering conspiracy.
Firas Isa, 36, of Frankfort, Illinois, and his company Virtual Assets LLC face charges involving proceeds totaling at least $10 million from wire fraud and drug trafficking. The alleged scheme ran from August 2018 through May 2025.
The company operated as Crypto Dispensers and ran a cash-to-cryptocurrency exchange business that included Bitcoin BTC $91 596 24h volatility: 0.3% Market cap: $1.82 T Vol. 24h: $76.83 B ATMs at various locations throughout the United States, per the U.S. Attorney’s Office for Illinois’ Northern District.
Criminals and fraud victims sent proceeds to the company or to Isa directly. Isa converted the deposits into cryptocurrency and transferred them to virtual wallets to disguise the source and ownership.
Both Isa and his company face one money laundering conspiracy charge. If convicted, Isa could receive up to 20 years in prison.
The defendants entered not guilty pleas. Isa was released on $250,000 bond, according to CBS News. The next court appearance is set for Jan. 30, 2026, in federal court in Chicago.
Illinois Governor JB Pritzker signed legislation in August 2024 requiring crypto ATM operators to register with the state.
The legislation responded to concerns about crypto ATMs facilitating fraud and money laundering.
A previous case targeted Bitcoin of America, an Illinois-based company whose founder Sonny Meraban pleaded guilty to lesser charges in November 2023.
Ohio prosecutors charged Meraban with allowing scammers to transfer proceeds through his company’s crypto ATMs. The company shut down in 2023.
Binance founder Changpeng Zhao received a presidential pardon in October after serving four months for Bank Secrecy Act violations.
His legal team clarified he never pleaded guilty to money laundering charges. In a separate case, a UK teenager received a prison sentence for orchestrating a $4.3 million crypto robbery using investigator databases to locate victims.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
As a Web3 marketing strategist and former CMO of DuckDAO, Zoran Spirkovski translates complex crypto concepts into compelling narratives that drive growth. With a background in crypto journalism, he excels in developing go-to-market strategies for DeFi, L2, and GameFi projects.
