PayPal Says Venmo Under Investigation in US by Consumer Regulator

Fintech giant PayPal 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 âunauthorized fund transfers and collections processesâ 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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