Feds Investigating PayPal’s Venmo

FUNNY MONEY?

Updated Apr. 13, 2017 4:18PM EDT / Published Apr. 29, 2016 11:04AM EDT

Robert Galbraith/Reuters

Venmo, the PayPal-owned money-transfer service that allows peer-to-peer financial interaction, is under federal investigation. The Federal Trade Commission reportedly sent a Civil Investigative Demand last month as part of an “investigation to determine whether we, through our Venmo service, have been or are engaged in deceptive or unfair practices in violation of the Federal Trade Commission Act.” PayPal announced it was asked to send the documents, as well as answers to regulators’ questions. It’s not clear which aspects of Venmo are being investigated.

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Feds Investigating PayPal’s Venmo

Robert Galbraith/Reuters