According to Bitcoin.com, Christopher James Scanlon has been indicted by a US federal court in Florida for operating an unlicensed cryptocurrency-fiat exchange business. Scanlon has been accused of providing cryptocurrency financial services without the required regulatory approval from 2015 to 2019. The indictment alleges that Scanlon operated his business through a website and social media accounts. He allegedly used these platforms to solicit customers and facilitate the exchange of cryptocurrencies for fiat currencies. Furthermore, Scanlon is accused of failing to register his business with the Financial Crimes Enforcement Network (FinCEN) and failing to implement anti-money laundering and know-your-customer (AML/KYC) procedures. Scanlon's indictment is a reminder of the importance of regulatory compliance in the cryptocurrency industry. Cryptocurrency exchanges are required to register with FinCEN and implement AML/KYC procedures to prevent their platforms from being used for illicit activities. Failure to comply with these regulations can result in significant penalties, including criminal prosecution.