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PayPal Says Venmo Under Investigation in US by Consumer Regulator

The U.S. Consumer Financial Protection Bureau is probing the social payments app, according to Reuters.

By Tanzeel Akhtar
AccessTimeIconFeb 5, 2021 at 2:17 p.m. UTC
Updated Sep 14, 2021 at 12:07 p.m. UTC
Venmo is a division of payments company PayPal.
Venmo is a division of payments company PayPal.
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Fintech giant PayPal (PYPL) said Friday its Venmo app is being investigated by a U.S. consumer watchdog.

  • The company has received a civil investigative demand (CID) from the Consumer Financial Protection Bureau over alleged “unauthorized fund transfers and collections processes” by Venmo, reports Reuters on Friday.
  • A CID is a legal request for records and documents or other information related to an agency investigation.
  • Venmo provides a mobile-based peer-to-peer payments platform with social features.
  • PayPal said last June it would allow users to buy, hold and sell cryptocurrencies on Venmo later this year.

Read more: PayPal, Venmo to Roll Out Crypto Buying and Selling: Sources

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