A Danvers, Massachusetts resident named Trung Nguyen has been found guilty of money laundering and running an unlicensed cryptocurrency business that converted over $1 million in cash into bitcoin. From 2017 to 2020, Nguyen operated a cash-to-bitcoin service through his company, National Vending, which had a policy of not asking any questions. He knowingly processed funds for criminals, including a methamphetamine dealer and victims of romance scams, without registering with FinCEN or adhering to federal anti-money laundering (AML) regulations. Cryptocurrency exchangers are required by federal law to register as money service businesses and report any suspicious activity, but Nguyen intentionally evaded these regulations. He disguised his operations by presenting National Vending as a vending machine business, using encrypted messaging, and making large deposits in a way that would not attract attention. Nguyen could face a maximum sentence of 20 years in prison and $750,000 in fines. Sentencing has been scheduled for February 12, 2025, and federal authorities have emphasized that cryptocurrency cannot be used to launder money anonymously without facing consequences.
