A Massachusetts man has been handed a six-year prison sentence after federal authorities exposed his unlicensed crypto operation, which laundered over $1 million under the guise of a vending machine business.
Trung Nguyen, who operated out of Danvers, ran a cash-to-Bitcoin conversion service from 2017 to 2020 without registering with U.S. financial regulators. To mask the operation, he created a front called National Vending, fabricating business records and avoiding any mention of cryptocurrency in formal communications.
According to prosecutors, Nguyen’s clients included scam victims and a drug dealer who laundered $250,000 through him. He failed to report large cash transactions or file the required compliance documents with the Financial Crimes Enforcement Network (FinCEN).
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His arrest followed multiple meetings with undercover agents where he accepted large sums of cash in exchange for Bitcoin, charging a 5% fee. Investigators also found that Nguyen used encrypted messaging and staggered cash deposits to avoid detection.
A federal jury convicted him in late 2023 on one count of money laundering and for operating without a money-transmitting license. In addition to his prison term, he must forfeit $1.5 million and serve three years of supervised release.
Alexander Stefanov
With over 8 years of experience in the cryptocurrency and blockchain industry, Alexander is a seasoned content creator and market analyst dedicated to making digital assets more accessible and understandable. He specializes in breaking down complex crypto trends, analyzing market movements, and producing insightful content aimed at educating both newcomers and seasoned investors. Alexander has built a reputation for delivering timely and accurate analysis, while keeping a close eye on regulatory developments, emerging technologies, and macroeconomic trends that shape the future of digital finance. His work is rooted in a passion for innovation and a firm belief that widespread education is key to accelerating global crypto adoption.
