FTC investigating Paypal's Venmo payment service - CNET

In its most recent 10-Q filing, Paypal Holdings stated that the FTC issued a Civil Investigative Demand (CID) request for documents related to possible deceptive or unfair practices by the company's Venmo peer-to-peer payment service at the end of March.

While the filing states that the company was complying with the demand and cautioned that there could be financial repercussions from the investigation, it unsurprisingly didn't provide any details about the substance of the CID. (In fact, the language in the filing looks like was pulled directly from the FTC Act.)

We reached out to Venmo for comment and got its stock response:

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.