Lemon to Shut Down Brazil Virtual Asset Operations on October 16

Argentine virtual asset app Lemon is shutting down its business in Brazil and will close user accounts on October 16. According to CoinGape, Lemon determined that the capital requirements mandated by Brazil's Central Bank (Banco Central do Brasil) for virtual asset operator licensing were 'excessive' relative to the scale of its local operations.

The Brazilian Central Bank has established regulations for virtual asset service providers, including minimum capital requirements that will be phased in from July 1, 2026, through December 31, 2027.