Lemon Will Exit Brazil and End Lemon Card Service Sept. 30
The Argentine crypto exchange will automatically close all Brazilian accounts Oct. 16 after deciding local licensing capital requirements were disproportionate to its business scale.
Lemon, an Argentine crypto exchange, will leave Brazil and end its Lemon Card service Sept. 30 after determining that local licensing capital requirements outweighed its business scale.
The exchange will automatically close all Brazilian accounts Oct. 16, extending the wind-down beyond the card service shutdown. The move ends Lemon’s local operations after the company assessed the cost of meeting Brazil’s regulatory requirements.
Brazil’s central bank requires crypto businesses to obtain a license to operate in the country. Lemon determined that applying for the license would require locking up a large amount of capital relative to the size of its Brazilian business.
The Lemon Card service will stop Sept. 30, followed by the automatic closure of Brazilian accounts on Oct. 16.
