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PayPal settlement gets final FTC nod

The Federal Trade Commission has given final approval to a settlement with PayPal.

The global online payments system’s Venmo service allegedly misled consumers about their ability to transfer funds to external bank accounts and control the privacy of their transactions.

The FTC approved the settlement 5-0 after receiving eight public comments.

PayPal user Brian Stewart of California commented: “PayPal, and by extension Venmo, [provide] money transfer services, payment processing services, and maintain account balances as if they were a bank. Yet they are not subject to...

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