February 3, 2020 Mastercard CEO discusses reasons for leaving Libra Association.

In an interview with the Financial Times, Mastercard CEO Ajay Banga revealed that the company’s decision to severe ties with the project resulted from concerns over its business model and practices. Specifically, Banga cited a concerns over KCY/AML and data collection procedures, perceived conflicts of interest related to the Calibra wallet, and a lack of a clear understanding of Libra’s token model. Mastercard was one of many founding members, including its rival Visa, to leave the Libra Association last October.