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WhatsApp, the free messaging and video calling app, may end up costing Wall Street an arm and a leg.

On Tuesday, Bloomberg Law reported the Securities Exchange Commission and Commodity Futures Trading Commission could impose as soon as today total fines of $2 billion on major Wall Street institutions -- about a billion dollars more than previously expected -- following a probe into the use of encrypted messaging apps that violate SEC and CTFC rules. Chats that auto disappear aren't what these watchdogs have in mind for document-keeping.

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Source Fool.com