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BTC Lemon will close all Brazilian operations on October 16, 2026
Argentine crypto application platform Lemon has announced its decision to close all operations in Brazil by October 16, 2026 due to capital regulations under Brazil's new licensing framework. Lemon said it would redirect relevant funds to markets in Argentina, Peru and Colombia.
License capital requirements are too costly
The Central Bank of Brazil will officially implement the PSAV (Payment Service Account Verification) framework from February 2026. The rule sets strict capital thresholds for unlicensed companies. Lemon has assessed that the capital investment required for compliance is not worth the gain compared to the scale of its local business.
Currently, the new Brazilian Real (BRL) deposit function for existing customers has been suspended. Lemon Card, previously launched in partnership with Pomelo, will stop processing transactions on September 30. There are still approximately 15,000 Brazilian users with active balances.
Lemon promises to directly contact each affected user and assist users in completing fund withdrawals before the deadline. All accounts will be officially closed on October 16, 2026.
Brazilian market reshuffle continues to intensify
Lemon is not the only institution withdrawing from the Brazilian market. Coinext was shut down after failing to meet minimum capital requirements;Digitra completely stopped its retail trading business. Although Crypto.com retains its legal entity in Brazil, it will close its Brazilian Real account on October 25. At the same time, Ripple is still actively applying for a Brazilian VASP (Virtual Asset Service Provider) license. At present, it seems that only companies with strong capital strength have the conditions to stay in the Brazilian market.
Binance has received regulatory approval from Brazil. Coinbase has expanded USDC revenue products to the Brazilian market. Binance has also launched a Brazilian version of its debit card that supports the Mastercard network.
Lemon shifts its focus to Argentina, Peru and Colombia
Lemon believes Argentina's regulatory framework is clearer and more stable than Brazil's rules. Brazil's high threshold has actually squeezed many small innovative companies out of the market. Currently, Bitcoin purchases on Argentina's flat-stage platforms have hit a new high in 20 months.
Peru already has more than 1 million Lemon users under SBS (Securities and Exchange Commission) licenses, and Colombia has contributed another 150,000 to its regional user base. Funds withdrawn from Brazil will be focused on these two markets.
Bitget's own PSAV registration shows that Argentina still attracts serious capital investment. The depth of the Brazilian market still exists, and Congress even proposed a bill to establish a reserve of 1 million BTC. Lemon's exit reflects the role of a capital screening mechanism rather than a market collapse.
