Argentina’s Lemon Quits Brazil as Banco Central License Capital Proves Too Heavy for Local Scale

The Argentine crypto app, Lemon, is shutting all local operations after concluding that the Central Bank of Brazil’s virtual-asset licensing capital requirements are “disproportionate” to its Brazilian book. Accounts close October 16, 2026.

Lemon Shuts Down Brazil Operations as New Capital Rules Take Effect

Lemon Card, the company’s Visa product launched with Pomelo only weeks ago, stops processing September 30.

New BRL deposits are already blocked. Around 15,000 Brazilian users still hold balances. The company says it will notify each of them and assist with withdrawals before the cut-off.

The decision follows Brazil’s PSAV framework, live since February 2, 2026. The first-phase license filing deadline is October 30.

Brazil’s tightening crypto rulebook had already made clear that unlicensed virtual asset providers face a hard block after that date. Lemon chose to redirect capital rather than fund a license.

Lemon’s Brazil exit is part of a wider shakeout. Coinext shut after missing minimum capital. Digitra wound down retail trading.

Crypto.com is keeping its Brazil entity but closing BRL accounts on October 25. As Ripple advances its Brazil VASP license bid, the divide is clear: only well-capitalized players are staying.