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The FTC is investigating Venmo over ‘deceptive or unfair practices’

PayPal, which owns the popular peer-to-peer payments service, says it is cooperating.

by Chris Welch
The Verge

Venmo, the hugely popular peer-to-peer payments service owned by PayPal, is under investigation by the Federal Trade Commission. Its parent company acknowledged the situation today in an SEC filing. “On March 28th, 2016, we received a Civil Investigative Demand (CID) from the Federal Trade Commission as part of its 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,” the filing reads.

“The CID requests the production of documents and answers to written questions related to our Venmo service. We are cooperating with the FTC in connection with the CID.” PayPal warns that depending on where the FTC goes with the investigation, there could be some trouble ahead, ranging from legal fees to potential changes in the way that Venmo functions.

Read the rest of this post on the original site »

This article originally appeared on Recode.net.

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