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FTC investigating PayPal's Venmo payment service

The company reveals it received a request in March for documents related to a probe into possible deceptive or unfair practices by Venmo.


PayPal Holdings said in a SEC filing Thursday the Federal Trade Commission has requested documents related to an investigation into possible deceptive or unfair practices by the company's peer-to-peer payment service Venmo.

The filing with the Securities and Exchange Commission states the company is complying with the demand, which was made last month, and it cautioned there could be financial repercussions from the investigation. PayPal didn't provide any details about the substance of the request, called a Civil Investigative Demand. (In fact, the language in the filing looks like it was pulled directly from the FTC Act.)

Responding to a request for comment, Venmo said:

As a global payments provider, we are completely aligned with regulators in their efforts to ensure that consumers have positive experiences when using our services. We consult and collaborate with regulators and work hard to comply with laws and regulations in the markets where we do business, around the world. We are cooperating fully with the Federal Trade Commission to address their requests for information.