US Treasury claims Facebook Libra partner quit on quality concerns

The United States Secretary of Treasury, Steven Mnuchin claims that the Facebook Libra partner companies leaving the project are vary of privacy and regulatory concerns.

Concerning the withdrawal of companies from the Libra project, Mnuchin stated that he met with the association and its representatives that left as Facebook Libra partner.

Mnuchin claims that he has told the representatives that the United States government will take firm actions against the association if the cryptocurrency and its associates do not meet the standards of money laundering and the standards that are set by the Financial Crimes Enforcement Network (FinCEN).

The Secretary of Treasury made these claims in his interview with Consumer News and Business Channel (CNBC).

Munchin added that the representatives may have realized that they do not meet with the required standards, which is why some of the associates considered dropping out of the Libra project until they’re at par.

Who left as Facebook Libra partner?

As of Monday, 14th of October 2019, seven companies left the cryptocurrency’s association and its project:

  • Stripe
  • Mastercard
  • eBay
  • Mercado Pago
  • Visa
  • Booking Holdings
  • PayPal

PayPal announced its departure a week before this decision came out.

Last week, two United States senators, Brian Schatz and Sherrod Brown had delivered letters to the payment services companies, Mastercard, Visa, and Stripe.

The letters had asked the three companies to rethink their collaboration with Facebook’s cryptocurrency project.