Tuesday, March 2, 2021
pool-ads
Home Latest News Policy and regulation PayPal Says Venmo Under Investigation in the US by Consumer Regulator

PayPal Says Venmo Under Investigation in the US by Consumer Regulator

According to Reuters, the U.S. Consumer Financial Protection Bureau is evaluating the Social Payments App.

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.

Subscribe to our newsletter

To be updated with all the latest news, offers and special announcements.

Sourcecoindesk

LEAVE A REPLY

Please enter your comment!
Please enter your name here

- Advertisment -
magazine-ads

Must Read

Indian banks put crypto traders’ accounts under the microscope

0
India’s parliament is currently contemplating a nation-wide crypto ban which local industry critics like former Coinbase CTO Balaji Srinivasan have compared to “banning the...