US Treasury Secretary Mnuchin says Libra is falling apart due to regulatory concerns as Booking.com owner departs

Once again things are getting worse for the Libra project as the Booking.com owner Booking Holdings becomes the latest to leave the project.

Now the US treasury secretary has said  that the companies that left the project last week realized that the Libra team is “not ready, they’re not up to par. And I assume some of the partners got concerned and dropped out until they meet those standards.” He went on to say:

“I wouldn’t give them too much credit as we at Treasury sent them letters as well. I’ve met with representatives of Libra multiple times […] and made it clear to them that if they don’t meet our standards with money laundering that we would take enforcement actions against them.”

“I think they realised they are not ready and I assume some of the partners got concerned and dropped out until they meet those standards.”

As a reminder  The Libra Association  had its first meeting in Geneva today, marking the deadline for members to cough up their $10m founders’ fee. They are set to meet without  MasterCard, PayPal, Stripe and eBay and now Booking Holdings.