Lemon has decided to close its Brazilian operations and terminate about 15,000 local accounts after finding the country’s new crypto licensing capital requirements too costly for its business.
Summary
- Lemon will close Brazilian accounts on Oct. 16 and assist users with withdrawals.
- BRL deposits have stopped, while Lemon Card payments will end on Sep. 30.
- Brazil’s first virtual-asset licensing deadline falls on Oct. 30.
- Lemon will redirect resources toward Argentina, Peru and Colombia.
Lemon said Brazil’s new capital requirements were “disproportionate” to the size of its local business, prompting the Argentine crypto app to withdraw rather than finance…
