Expert: The US Treasury Department strengthens monitoring of financial transactions handled by community businesses in the southwestern border of the United States. This order does not apply to cryptocurrency trading

According to a report by Golden Finance, the US Treasury Department has expanded its financial monitoring scope for cash transactions. Starting from April 14th, money service companies in 30 postal code areas of California and Texas must report cash transactions of $200 or more to the Treasury Department. This policy has sparked discussions about whether it may be extended to cryptocurrency trading. Although the policy currently primarily targets cash transactions, the cryptocurrency industry is also paying attention to its potential impact. However, experts point out that this policy currently does not apply to digital asset trading conducted through platforms such as Coinbase. Neeraj Agrawal, Director of Communications at Coin Center, said, "There are some cryptocurrency companies that are licensed and considered as money service enterprises. However, the order starts with cash, so it appears to primarily target businesses like Western Union Last Friday, the Financial Crimes Enforcement Network (FinCEN) issued a temporary order requiring money service companies in 30 zip code areas of California and Texas to report cash transactions exceeding $200, below the usual $10000 reporting threshold. This type of report requires the name, address, and social security number of the individual initiating the transaction to be provided; Transaction amount and currency type; And the recipient and purpose of the transaction.