| 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. |
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.
Sourcecoindesk
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