BREAKING: PayPal’s Venmo Potential Crypto Using App Is Under Investigation

PayPal-owned Venmo app which the payments giant planned to use for expanding crypto adoption on its network is about to be investigated by US regulators

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Fri, 5/02/2021 - 13:01

BREAKING: PayPal’s Venmo Potential Crypto Using App Is Under Investigation

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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.

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Breaking: PayPal and Venmo to Allow Buying and Selling Cryptocurrency

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.

#Bitcoin #Cryptocurrency Adoption #Cryptocurrency Crime

About the author

Yuri Molchan

Yuri is interested in technology and technical innovations. He has been writing about DLT and crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future in many of its aspects. He has written for multiple crypto media outlets. His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.