Bitcoin Exchanger Jailed for Laundering Over $1 Million in Cryptocurrency

A Danvers resident has been sentenced to six years in prison for operating an unlicensed Bitcoin money transmitting business that authorities allege laundered over $1 million. Trung Nguyen, also known as “DCS420,” operated National Vending from 2017 to 2020, accepting cash payments and transferring them to customers in exchange for bitcoin fees but failing to register with FinCEN or comply with anti-money laundering regulations.