|Fintech giant PayPal said Friday a U.S. consumer watchdog is probing the Venmo app. |
Reuters announced on Friday that the firm received a civil investigation inquiry (CID) from the Consumer Financial Protection Bureau for alleged “unauthorized fund transfers and collection processes” by Venmo.
A CID is a legal request for documents and records or any information relating to an investigation by an agency.
Venmo offers a mobile platform for peer-to-peer transactions and social features.
Last June, PayPal said it will allow users to purchase, hold, and sell cryptocurrencies on Venmo later this year.