Argentine cryptocurrency and payments firm Lemon is winding down its Brazilian operations after concluding that the capital required to secure a license from the country’s central bank far outweighed the revenue its local business could generate. The company will close roughly 15,000 customer accounts on Oct. 16, 2026, and has already suspended new deposits in Brazilian reais.

The exit comes just weeks before an Oct. 30 deadline for the first stage of licensing under Brazil’s new framework for virtual-asset service providers, known locally as PSAVs. The rules, which took effect on Feb. 2, require firms to hold minimum capital reserves and meet compliance standards to continue serving Brazilian customers. Lemon said the requirements were…