Elon Musk's X Receives Money Transmitter License in Utah

Elon Musk's X Receives Money Transmitter License in Utah

Elon Musk's social media platform X, formerly known as Twitter, has received a money transmitter license in Utah, according to a filing with the Utah Department of Financial Institutions. This license allows X to engage in the business of transmitting money, which could include offering cryptocurrency services. This marks the fifteenth state to grant the company such approval, signaling its growing momentum in the payments industry. The license allows X to facilitate money transfers and enable users to send and receive payments directly within the X platform. This move aligns with Musk's vision of transforming X into a comprehensive "everything app" that goes beyond its core social media function. "This license is a crucial step in our journey to becoming a full-fledged payments platform," stated an X spokesperson.  "It will enable us to offer users a seamless and secure way to send and receive money within the X app, further enhancing their overall exper…