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 registration for a money services business with the Financial Crimes Enforcement Network ( FinCEN ) in the United States. The registration documents show that the company named "Twitter Payments LLC" was officially registered with FinCEN on November 3, while according to business registration information, the company was established in Washington State as early as August this year.

As an agency under the Department of the Treasury, FinCEN is primarily responsible for regulating money services businesses within the United States. All businesses registered here are required to report any suspicious transaction activities to this agency.

It is worth noting that the submission time of this sign up document coincides with the fact that the social media platform was acquired by a well-known entrepreneur for $44 billion shortly thereafter. This new owner has previously stated multiple times that he hopes to transform the platform into a multifunctional "super app". Media reports have indicated that he mentioned plans to integrate cryptocurrency payment functions into the platform's services.

This move seems to confirm that the company is actively expanding its business scope and making strides into the financial services sector. As tech giants continue to cross over, the boundaries between traditional social media and fintech are gradually blurring. This trend may bring users a more convenient one-stop service experience, while also posing new challenges to the existing financial regulatory framework.