US Consumer Protection Agency Issues Warning on Payment Apps Following Collapses of Crypto Firms, Banks

The US Consumer Financial Protection Bureau issued a warning on Thursday for people using person-to-person services to store funds, reminding them that they are not federally insured, in the wake of FTX and multiple bank collapses. 
Transaction volumes on payment apps have “substantially increased,” the CFPB said in the report. 
The collapse of crypto exchange FTX and crypto lender Voyager Digital led to consumers losing hundreds of millions of dollars, the CFPB said. ...
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