Share this article
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.
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
More For You
What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
More For You
Small Texas Lender Monet Joining Field of Crypto-Focused Banks
The bank is owned by billionaire Andy Beal, a major supporter of U.S. President Donald Trump's 2016 campaign.
Top Stories
