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PayPal’s Venmo Potential Crypto Using App Is Under Investigation

u.today 07 February 2021 02:50, UTC
Reading time: ~1 m

Reuters has just reported that Venmo mobile app owned by PayPal is about to be investigated by the U.S. Consumer Financial Protection Bureau regarding allegedly unauthorized funds transfers.

"PayPal Holdings Inc said on Friday it received a civil investigative demand from the U.S. Consumer Financial Protection Bureau related to its app Venmo’s alleged unauthorized fund transfers and collections processes."

Venmo was acquired by PayPal back in 2014 for $800 million. As U.Today reported earlier, in 2021, PayPal intended to use Venmo to grant millions of its millennial users access to Bitcoin and other cryptocurrencies.

PayPal enabled its users to buy and sell Bitcoin and other cryptos in late fall 2020, planning to enable them to utilize crypto for online shopping with over 26+ million vendors.

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