Twitter subsidiary completes FinCEN sign up and may expand encryption payment business.

Recently, a subsidiary of a social media giant completed its coin service business registration with the Financial Crimes Enforcement Network (FinCEN) in the United States. The subsidiary is named Twitter Payments LLC, and according to business registration information, it was established in Washington State in August this year. As an agency under the Department of the Treasury, FinCEN is responsible for overseeing the operations of coin service businesses in the United States and requires registered businesses to report suspicious transactions.

This registration action took place shortly after the social media company was acquired for $44 billion. The new owner had previously stated the vision of transforming the company into an "integrated application." Reports suggest that the new management is considering expanding the company's services to the cryptocurrency payment sector.

This move has sparked widespread discussion in the industry about the future direction of social media platforms. Analysts believe this may indicate that the company is preparing to enter the fintech sector, particularly in the areas of cryptocurrency and digital payments. However, some experts have pointed out that social media companies may face many challenges and risks when entering the financial services sector in the current complex regulatory environment.

As technology giants continue to expand their business boundaries, the integration of financial technology and social media seems to be a trend. This could not only change the social experience for users but also impact traditional financial institutions. However, finding a balance between innovation and compliance will be a key issue facing these companies.