Twitter's subsidiary signs up for currency service business, possibly paving the way for the launch of encryption payment features.

Recently, a subsidiary of a social media giant completed the sign up for a money services business with the Financial Crimes Enforcement Network (FinCEN) in the United States. The company, named Twitter Payments LLC, was established in Washington State in August of this year and submitted the relevant documents to FinCEN on November 3.

FinCEN, as a bureau of the Department of the Treasury, is responsible for regulating currency service business activities within the United States. All businesses operating in this field must register with FinCEN and report any suspicious transactions.

This move came shortly after the social platform was acquired for $44 billion. The new owner had previously expressed a vision of transforming the platform into a "one-stop application." Reports suggest that he has also considered incorporating cryptocurrency payment functionalities into the platform's service offerings.

This series of actions seems to suggest that the social platform is preparing for future business expansion, especially in the area of financial services. However, it is still unclear what specific new features will be launched and how these changes will affect user experience.

As technology companies gradually penetrate the financial sector, regulators are also strengthening their scrutiny of such cross-border operations. This sign up may be an important step for the company to comply with relevant regulations and develop new business.