Fintech bank Nubank has announced the suspension of trading for its cryptocurrency, Nucoin. This comes against a backdrop of scrutiny over the bank’s financial stability. Nubank’s Policy Change In a September 10 blog post, Nubank disclosed that effective immediately, Nucoin can no longer be bought or sold within its app. The cryptocurrency was launched in late...Read More
The Brazilian Securities and Exchange Commission (CVM) has greenlighted a second Solana exchange-traded fund (ETF) weeks after it approved its first one on August 8. According to the CVM’s central database, the product will be launched by Hashdex, an asset manager based in Brazil, in collaboration with the local investment bank BTG Pactual. Brazil’s Second...Read More
Binance, the largest crypto exchange, has finally reached a settlement with Brazilian regulators for $1.76 million over unlicenced derivatives trading allegations. This comes after an investigation into the exchange, which lasted a year regarding its activities in Brazil. Binance’s Derivatives Trading Allegations The Brazilian Securities and Exchange Commission (CVM) asked Binance to halt its derivatives...Read More
Brazil’s Securities and Exchange Commission (CVM) has approved the country’s first Solana-based exchange-traded fund (ETF). The approval, granted on August 7, positions Brazil ahead of other countries, particularly the United States, where the process of approving Solana ETFs remains in its early stages with uncertain prospects. Brazil’s Solana ETF Receives Preliminary Approval According to Exame,...Read More
São Paulo-based Nubank announced the launch of a new feature that allows withdrawals and deposits of Bitcoin and cryptocurrencies. With this latest move, customers will now be able to send and receive Bitcoin, Ethereum, and Solana using the Nubank app. The withdrawal and deposit options are now available, allowing users to check the functionality on...Read More
Worldcoin has disabled its offline orb verification feature for users in three markets – India, Brazil, and France. The development comes after a surge in people lining up at specified venues amid the excitement to register and acquire free Worldcoin (WLD) tokens, according to the report by MoneyControl. Worldcoin’s ‘Orb’ is a spherical hardware device...Read More
Itau Unibanco, Brazil’s largest bank, has officially entered the cryptocurrency exchange market, launching a trading service for its investment platform clients. The service debuted on Monday and enables users to trade Bitcoin and Ether, the two most popular cryptocurrencies. Itau Expands Crypto Trading with Diverse Portfolio According to a Reuters report, Guto Antunes, the head...Read More
The Brazil Senate has approved new rules that will mandate locals to pay up to 15% tax on income generated from cryptocurrencies on offshore exchanges. According to a live recording from the Federal Senate, the new rule applies to crypto users with assets worth more than R$6,000 ($1,200) on all offshore exchanges. Brazilian Crypto Users...Read More
In a 500+ page report, a Brazilian congressional committee has laid out recommendations for indictments against CZ, local executives, and those of several other crypto-related firms. The committee in question is led by congressional deputy Ricardo Silva and recommends further investigation into the crypto platform – separate from an investigation into Binance already underway by...Read More
Ripple Labs, the fintech company behind the popular payments protocol, has expanded its liquidity hub to new regions as the platform continues to meet the crypto demands of customers. In a blog post, Ripple’s head of liquidity products, Brad Chase, revealed that the company has opened up the liquidity hub for customers in Brazil and...Read More
The central bank digital currency (CBDC) issued by Banco Central do Brasil is reportedly set to see the light of day in 2024. Its main purpose will be to boost financial services in the country. The South American nation is not the only one willing to introduce such a monetary product. China, Russia, Japan, Australia,...Read More
Brazil has been developing a CBDC for some time now. If all goes according to plan, the digital Real will be launched sometime in 2024. Once launched, it would support retail payments for anyone inclined to use it, backing up the payment with funds in the users’ bank accounts. Planning Ahead The Brazilian CBDC would...Read More
Mercado Bitcoin – the largest cryptocurrency exchange in Brazil – will reportedly participate in the country’s pilot project to launch a digital real. The central bank intends to issue such a financial product in 2024. The List of Contributors As reported by a local media outlet, Banco Central do Brasil has authorized Mercado Bitcoin to...Read More
The President of Brazil – Luiz Inácio Lula da Silva, simply known as Lula – assigned the country’s central bank to supervise the local cryptocurrency sector. The legislation that comes into force on June 20 will give the financial institution jurisdiction to determine which firms can operate in the local market. The bank will also...Read More
BTG Pactual – one of Latin America’s largest investment banks – will reportedly launch its own stablecoin, whose value will be tied to the American dollar. The corporation joined the industry years ago by issuing a security token called ReitBZ and introducing a cryptocurrency exchange in Brazil. The Latest Push According to Reuters, Banco BTG...Read More
The professional Brazilian soccer players – Gustavo Scarpa, Mayke Rocha de Oliveira, and Willian Bigode – have reportedly lost over $5 million due to investing in an alleged fraudulent cryptocurrency firm called Xland. The company said it did not run a pyramid scheme and promised to reimburse the victims. Athletes Have Fallen Victims Scarpa –...Read More
The Central Bank of Brazil has commenced testing of its central bank digital currency (CBDC) project, expected to foster an increased inclusion of individuals in the financial sector. Also, the Thailand government is willing to offer tax breaks for companies that issue digital tokens for investment purposes. Brazil Kicks off CBDC Pilot According to Reuters...Read More
The world’s largest cryptocurrency exchange – Binance – joined forces with the multinational financial services giant – Mastercard – to launch a prepaid card in Brazil. The partners previously rolled out such a feature in Argentina. As reported by Reuters today (January 30), the Binance card is still in beta testing and should be available to...Read More
President Jair Bolsonaro of Brazil has approved a bill of crypto industry regulations most recently passed by the nation’s Senate and Chamber of Deputies. The bill, signed into law on Thursday, will take effect in 180 days, by which time crypto companies in the region must adapt to the new rules. Having passed through Parliament...Read More
The cryptocurrency exchange Crypto.com obtained a Payment Institution License (EMI) from the Central Bank of Brazil. The authorization will allow the firm to continue offering digital asset products and services to residents of the South American country. Getting a Nod From Brazil In a recent announcement, Kris Marszalek – CEO of Crypto.com – said the company...Read More
The lower house of Brazil’s parliament approved a cryptocurrency bill that seeks to establish a stringent regulatory framework in the country, a theme that resonates with several governments around the globe after the collapse of FTX. Now, the legislation has been sent to the President, Jair Bolsonaro, for his approval. Among other things, the bill...Read More
Brazil’s Federal Police reportedly halted the operations of a criminal gang led by the businessman Francisco Valdevino da Silva, a.k.a “Bitcoin Sheikh.” The authorities claimed that the wrongdoers defrauded thousands of people in the past few years and laundered up to 4 billion Brazilian reals ($766 million). Another Crypto Ponzi Scheme in Brazil GloboNews revealed...Read More
The Brazilian authorities reportedly ordered Glaidson Acácio dos Santos (known as “Bitcoin Pharaoh”) to deposit 19 billion BRL (nearly $3.7 billion) in court. This sum will be transferred to more than 122,000 investors and creditors who have become victims of his fraudulent cryptocurrency scheme. Last year, the Brazilian Federal police organized a special mission called...Read More
Singapore-based cryptocurrency exchange Bybit said it is taking necessary steps to ensure that it understands the requirements of the Securities and Exchange Commission of Brazil (CVM) with respect to its services. The Brazilian watchdogs had banned Bybit from brokering securities. The CVM released a declaratory act earlier this week that ordered the suspension of the...Read More
On August 18, MercadoLibre Inc, a multinational e-commerce company based in Latin America, announced the creation of a new cryptocurrency called MercadoCoin, which will be implemented in its loyalty program. As reported by Reuters, the cryptocurrency will run on the Ethereum network as an ERC-20 token priced at $0.10 each. It will be used primarily...Read More
The Buenos Aires-based soccer team Banfield sold one of its best players (Giuliano Galoppo) to the Brazilian giant São Paulo. Interestingly, the latter paid the transfer sum in cryptocurrencies instead of fiat, handing over approximately $8 million worth of USDC to the Argentinian club. As a result, Galoppo became the first soccer player sold in...Read More
Banco Santander (Brasil) – the Brazilian arm of the Spanish banking giant – revealed intentions to offer cryptocurrency services to clients. By doing so, the company will join a range of local institutions that have already hopped on the digital asset bandwagon, including BTG Pactual, Nubank, PicPay, and XP Inc. Brazil Might Have a New...Read More
XP Inc. – one of Brazil’s largest brokerage companies – expects to release its cryptocurrency platform by the middle of August 2022. Initially, the entity will allow trading with bitcoin (BTC) and ether (ETH), while it could add more digital assets later in the year. Crypto’s Decline Is Not a Concern to XP In May...Read More
Brazilian digital payments startup PicPay is diving fully into the cryptocurrency wormhole, announcing a series of Web3-focused services ranging from the launch of a stablecoin to a fully-featured cryptocurrency exchange. With more than 62.9 million registered users, PicPay is one of Brazil’s most prominent startups. Until today’s announcement, the fintech has focused on offering a...Read More
Binance has already resumed deposits, but withdrawals remain suspended. Nevertheless, the exchange assured that all services will be active “shortly.” Notably, Binance suspended withdrawals and deposits of Brazilian reals on June 17. At the time, the company had broken away from its two-year collaboration with Capitual, a local payment gateway. Until then, Capitual was tasked...Read More
