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Probably one of the worst kept secrets in the crypto sphere, PayPal  have confirmed they are withdrawing from  Facebook’s  Libra Association.

“PayPal has made the decision to forgo further participation in the Libra Association at this time and to continue to focus on advancing our existing mission and business priorities as we strive to democratize access to financial services for underserved populations,” . PayPal contiued to say they are still  “supportive of Libra’s aspirations” and  will continue to partner with Facebook in the future.  

Libra has come under fire by global regulators and central banks. The Senate hearing recently was tempered and there were many hostile questions put toward David Marcus the Libra co-founder.  Federal Reserve Chairman Jerome Powell also had his say this summer and said that libra raises “serious concerns regarding privacy, money laundering, consumer protection, financial stability”.

There is now 27 members left and Facebook are yet to release a statement about Paypal. It will be very interesting to see if Mark Zuckerberg appears before the Senate as requested and what his reaction might be to this situation.