Lemon Exchange to Shut Brazilian Accounts on October 16 Amid Regulatory Compliance

Argentine cryptocurrency exchange Lemon has announced it will halt its local operations and automatically close all Brazilian user accounts on October 16, citing regulatory capital requirements as the reason. In a customer notice, Lemon stated it would discontinue its Lemon Card service effective September 30 and shut down all Brazilian accounts by October 16. The exchange explained that Brazil's central bank requires large capital reserves for cryptocurrency business licensing, which exceeds the scale of its local operations. PANews reported on the withdrawal from the Brazilian market on the 19th, with local media confirming the same dates for the card service suspension and account closures.