Lemon Exchange to Shut Down Brazil Operations in October Due to Capital Requirements

Argentine cryptocurrency exchange Lemon has reported that it will shut down its local business in Brazil in October due to the burden of capital requirements under regulatory conditions. Lemon Card will discontinue services on September 30, with Brazilian user accounts automatically closed on October 16. CryptoNoticias reported that Lemon explained in a customer notice that Central Bank regulations and requirements are unfavorable for product development. The exchange stated that the required capital scale in Brazil is excessive compared to its local business size.