A subsidiary of a social media giant signs up for currency service business, which may integrate encryption payment functions.

Recently, a subsidiary of a social media giant registered as a money services business with the Financial Crimes Enforcement Network (FinCEN) in the United States. The subsidiary, named Payments LLC, was established in Washington State in August this year. FinCEN, as a subordinate agency of the Department of the Treasury, is responsible for overseeing the operations of money services businesses within the United States, requiring registered companies to report any suspicious transactions.

This move comes shortly after the social media platform was acquired for a high price of $44 billion. The new owner had previously expressed intentions to transform the platform into a multifunctional "super app." Reports suggest that he is considering integrating cryptocurrency payment features into the platform's services.

This development shows the trend of social media platforms expanding into the financial services sector. With the rapid growth of the digital economy, more and more technology companies are beginning to venture into the payment and financial services space, trying to provide users with a more comprehensive and convenient service experience.

However, entering the financial services sector also means facing stricter regulatory requirements. Companies not only need to comply with existing financial regulations but also establish a sound risk management system to address potential financial crime risks.

In the future, we may see more technology companies cross into the financial sector, which will undoubtedly bring new challenges and opportunities to the traditional financial industry. Regulatory agencies also need to keep pace with the times and develop regulatory policies that are more suited to the digital age, in order to ensure a balanced development of financial innovation and financial security.