A Danvers, Massachusetts man, Trung Nguyen, was convicted of money laundering and operating an unlicensed cryptocurrency business that converted over $1 million in cash to bitcoin. Through his company, National Vending, Nguyen ran a “no questions asked” cash-to-bitcoin service from 2017 to 2020, knowingly processing funds for criminals, including a meth dealer and romance scam victims, without registering with FinCEN or following federal anti-money laundering (AML) regulations. Federal law requires cryptocurrency exchangers to register as money service businesses and report suspicious activity, but Nguyen deliberately evaded these rules. He concealed his operations by misrepresenting National Vending as a vending machine business, using encrypted messaging, and structuring large deposits to avoid detection. Nguyen faces up to 20 years in prison and $750,000 in fines. Sentencing is scheduled for Feb. 12, 2025, with federal authorities emphasizing that cryptocurrency cannot be used to launder money anonymously without consequences.
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