Lemon to Exit Brazil Over High Capital Requirements

Argentine crypto exchange Lemon said it will stop operating in Brazil because the country’s regulatory capital requirements are too high. According to ChainCatcher, the platform will end its Lemon Card service on September 30 and automatically close all Brazilian accounts on October 16. Lemon said applying for the crypto business license required by Brazil’s central bank would tie up too much capital relative to the size of its local operations, prompting the decision to leave the market.