Alan Joseph, a man from Lancaster, Massachusetts, has been convicted for running an unlicensed business that converted cash into bitcoin to aid criminal activities. He conducted transactions, including a $25,000 cash-to-bitcoin exchange, for an undercover agent involved in counterfeit goods trafficking. Joseph's actions enabled criminals to hide their cash flow through cryptocurrency, and he failed to register his money transmission business as required by law. This case serves as a warning to those misusing cryptocurrency for illicit purposes. Joseph faces up to 20 years for money laundering and an additional five years for operating an unlicensed business. Sentencing is scheduled for February 2025.



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