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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.
Fintech giant PayPal (PYPL) said Friday its Venmo app is being investigated by a U.S. consumer watchdog.
STORY CONTINUES BELOW
- 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
Tanzeel Akhtar
Tanzeel Akhtar has contributed to The Wall Street Journal, BBC, Bloomberg, CNBC, Forbes Africa, Financial Times, The Street, Citywire, Investing.com, Euromoney, Yahoo! Finance, Benzinga, Kitco News, African Business Magazine, Hedge Week, Campden Family Office, Modern Investor, Spear's Wealth Management Magazine, Global Investor, ETF.com, ETF Stream, CIO UK, Funds Global Asia, Portfolio Institutional, Interactive Investor, Bitcoin Magazine, CryptoNews.com, Bitcoin.com, The Local, The Next Web, Mining Journal, Money Marketing, Marketing Week and more. Tanzeel trained as a foreign correspondent at the University of Helsinki, Finland and newspaper journalist at the University of Central Lancashire, UK. She holds a BA (Honours) in English Literature from the Manchester Metropolitan University, UK and completed a semester abroad as an ERASMUS student at the National and Kapodistrian University of Athens, Greece. She is NCTJ Qualified - Media Law, Public Administration and passed the Shorthand 100WPM with distinction. She does not currently hold value in any digital currencies or projects.
