Key Takeaways
- Brazil’s Central Bank banned Banco Topazio for 2 years and fined it $3.2M over unchecked crypto trades.
- Unchecked crypto trades totaled $1.7B, comprising 63% of Banco Topazio’s foreign exchange volume.
- Ailton Aiquino warned that similar violations could trigger bans for other Brazilian banks.
Central Bank of Brazil Bans Banco Topazio From Conducting Crypto Trading Operations
As banks enter the cryptocurrency business, regulators are becoming more vigilant on the compliance processes they must follow to conduct these operations safely.
The Administrative Sanctioning Process Decision Committee (Copas) of the Central Bank of Brazil imposed a two-year ban on Banco Topazios’ foreign cryptocurrency trading operations due to…
