Social media giant's subsidiary signs up with FinCEN and may launch encryption payment features.

Recently, a subsidiary of a social media giant registered a money service business with the Financial Crimes Enforcement Network (FinCEN) in the United States. This move came shortly after the company was acquired for $44 billion, sparking market speculation about its future direction.

According to the registration documents submitted to the Financial Crimes Enforcement Network, the subsidiary completed its registration on November 3, and the registered entity is named Twitter Payments LLC. Business registration data indicates that the company was established in the state of Washington in the United States as early as August this year. As a branch of the Treasury Department, FinCEN is responsible for regulating the activities of money services businesses in the United States and requires registered companies to report any suspicious transactions.

This move aligns with the previous statements made by the company's new owner. The new owner has repeatedly expressed a desire to transform this social platform into an "everything app." Media reports indicate that he has mentioned expanding the platform's range of services, including cryptocurrency payment functionality.

The recent sign up for cryptocurrency services may indicate that this social media company is preparing for future business expansion. However, specific implementation plans and timelines have not been disclosed. Industry insiders generally believe that this could be the first step for the company to transform into a comprehensive service platform.

As technology giants continue to expand their business boundaries, financial services seem to be a common focal point for them. This trend not only reflects the desire of tech companies for new growth points but also demonstrates the demand for one-stop services from users in the digital economy era. However, entering the financial services sector also means facing stricter regulatory scrutiny and higher compliance requirements.

In the future, we may see more technology companies attempting to cross into financial services. This could not only change the landscape of the traditional financial industry but also provide users with a more convenient and diverse service experience. However, at the same time, finding a balance between innovation and risk control will be an important issue that these companies face.