Argentine crypto exchange Lemon said it will shut down its local operations in Brazil, citing regulatory capital requirements it considers too high for the size of its business in the country. The company said Lemon Card services in Brazil will end on Sept. 30, and all Brazilian accounts will be automatically closed on Oct. 16. According to Lemon, applying for the crypto business license required by Brazil’s central bank would mean locking up a large amount of capital. The exchange said that burden is disproportionate to the scale of its local operations, leading it to leave the market. The move lays out a clear wind-down timeline for users in Brazil and ties the decision directly to licensing conditions set by regulators.
Argentine crypto exchange Lemon said it will stop its local business in Brazil.
The company said the regulatory capital requirements in Brazil are too high. Under its timeline, Lemon Card services will end on Sept. 30, and all Brazilian accounts will be automatically closed on Oct. 16.
Lemon said applying for the crypto business license required by Brazil’s central bank would require locking up a large amount of capital, which it said is disproportionate to the size of its local business. On that basis, the exchange decided to exit the market.
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