Multiple Partners of Libra Association Considering to Back Out

Facebook’s cryptocurrency project is facing another roadblock as some of its Libra Association partners are considering to end their alliance amid growing regulatory tension.

According to a Financial Times report, at least three companies have raised concerns as the social media company’s project is facing harsh criticisms from regulators all over the world. The report, however, did not name any company.

This came only days after the revelation made by Bloomberg that the social media company is facing an antitrust probe by the European Commission.

“It’s going to be difficult for partners who want to be seen as in [regulatory] compliance,” one of the companies told the publication.

Attracting big names to back the crypto project

Facebook partnered with 28 Payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term and tech players, including Visa, Mastercard, Uber, and Paypal, to be a part of the Swiss-based Libra Association and run nodes for the digital currency. Though not officially declared, each partner needed to pay $10 million to the social media company to get the status of a partner.

Visa CEO Alfred F. Kelly, Jr., last month, confirmed that none of the companies are official partners yet as they only signed a non-binding letter of the agreement so far.

Meanwhile, the president of Monex group, parent of Japanese crypto Exchange Exchange An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv Read this Term Coincheck, recently revealed that it has applied to be a member of the Libra Association and will finalize its decision by the end of summer.

In the United States, the Menlo Park-headquartered company faced two hearings for the privacy concerns of Libra and was requested by multiple lawmakers to halt the development until the regulatory concerns are clear.

Facebook is also trying its best to push its crypto initiative into Washington and recently hired Susan Zook, a former aide to US Senator Mike Crapo (R-Idaho), to lobby for Libra.