Man Sentenced to Six Years for Operating Unlicensed Bitcoin Conversion Service

Trung Nguyen, a Massachusetts resident, has been sentenced to six years in prison for operating an unlicensed cash-to-Bitcoin conversion service. According to the U.S. Attorney’s Office, Nguyen operated National Vending from 2017 to 2020 and converted over $1 million into Bitcoin without registering with the Treasury’s Financial Crimes Enforcement Network (FinCEN). The sentencing comes after a guilty verdict in November following a jury trial.