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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.
Updated Sep 14, 2021, 12:07 p.m. Published Feb 5, 2021, 2:17 p.m.
Fintech giant PayPal (PYPL) said Friday its Venmo app is being investigated by a U.S. consumer watchdog.
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- 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
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Canadian Province Wins Forfeiture of $1M QuadrigaCX Co-Founder's Cash, Gold via Default Judgment
The ruling transfers cash, gold bars, watches, and jewelry seized from a CIBC safety deposit box and bank account into government hands after Patryn did not defend the case.
What to know:
- The Supreme Court of British Columbia has forfeited $1 million in cash and gold tied to QuadrigaCX's co-founder, Michael Patryn, to the government.
- Patryn did not contest the forfeiture, which involved 45 gold bars, luxury watches, and over $250,000 in cash seized under an Unexplained Wealth Order.
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