The subsidiary of the social media giant has completed FinCEN registration and may integrate encryption payment features.

Recently, a subsidiary of a social media giant completed the sign up for a money service business with the Financial Crimes Enforcement Network (FinCEN) in the United States. The subsidiary is named Twitter Payments LLC, which was established in Washington State in August of this year. As a department of the Treasury, FinCEN is responsible for regulating the activities of money service businesses in the United States, requiring registered businesses to report suspicious transactions.

This sign up action occurred shortly after the social media company was acquired for $44 billion. The new owner had previously expressed intentions to transform the platform into a multifunctional "super app." According to certain media reports, the new management is considering integrating cryptocurrency payment features into the platform's range of services.

This initiative reflects that tech giants are actively exploring the digital payment field to expand their business scope and increase revenue sources. As the digital economy continues to develop, the integration of social media platforms and financial services may become an important trend in the future.

However, entering the financial services sector also means facing more regulatory challenges. Companies not only need to comply with existing financial regulations but also deal with potential new rules. Additionally, how to protect user privacy and fund security while providing convenient services will also be an issue that these tech companies need to consider carefully.

Although the company has not yet formally announced its specific financial service plans, this sign up undoubtedly paves the way for its future business expansion. The industry generally believes that if the platform successfully integrates payment functions, it may have a significant impact on the existing payment ecosystem.