2 Brazilian Crypto Exchanges Shut Down Due to Pressure from Regulators
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17 February
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According to Bitcoin.com, 2 popular crypto exchanges from Brazil have decided to suspend their operations as a result of the pressure of the country's regulators.

Brazil's legislators started a battle against local crypto exchanges after receiving several allegations of fraud related to Atlas Quantum, Zero10 and Trader Group exchanges last year.

As a result of these complaints, the regulators started to adopt a series of measures whose consequences have become visible this month. For instance, the Brazilian crypto currency Acesso Bitcoin was one of the first platforms to decide to suspend its operations voluntarily. According to its cofounder Pedro Nunes:

"After the Federal Revenue Service introduced these rules we noticed a significant decrease in the traded volume. We also feel that the market has cooled off for smaller exchanges."

Crypto exchange Latoex might also close after the country's regulators threatened it with a 100,000-Brazilian real (BRD) fine if it does not cease its operations.

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