How a ‘No Questions Asked’ Crypto Scheme Became a Federal Target

A Danvers, Massachusetts man, Trung Nguyen, was convicted of cash laundering and working an unlicensed cryptocurrency enterprise that transformed greater than $1 million in money into bitcoin. By his firm, Nationwide Merchandising, Nguyen ran a “no questions requested” cash-to-bitcoin service from 2017 to 2020, knowingly processing funds for criminals, together with a meth seller and romance rip-off victims, with out register with FinCEN or observe federal anti-fiction measures. cash laundering (AML) laws. Federal regulation requires cryptocurrency exchangers to register as cash service companies and report suspicious exercise, however Nguyen intentionally circumvented these guidelines. He hid his actions by misrepresenting Nationwide Merchandising as a merchandising machine firm, utilizing encrypted messages, and structuring massive deposits to keep away from detection. Nguyen faces as much as 20 years in jail and a $750,000 effective. Sentencing is scheduled for February 12, 2025, with federal authorities emphasizing that cryptocurrency can’t be used to launder cash anonymously with out penalties.