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PayPal Says Federal Trade Commission Investigating Venmo

PayPal Holdings Inc. said U.S. regulators are investigating the company’s Venmo free peer-to-peer payment service in connection with potential unfair trade practices.

PayPal said it received a civil investigative demand on March 28 from the Federal Trade Commission for documents related to Venmo. The probe focuses on whether the electronic payments company, through Venmo, engaged in unfair or deceptive trade practices, the company said Thursday in a regulatory filing.

The investigation “may result in substantial costs...


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