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.

AccessTimeIconFeb 5, 2021 at 2:17 p.m. UTC
Updated Sep 14, 2021 at 12:07 p.m. UTC

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.

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