Brazil Central Bank Says 30% of Crypto Exchange Applicants Lack Capital

The Central Bank of Brazil (Banco Central do Brasil) said about 30% of the crypto exchanges that applied to keep operating in Brazil lack the share capital its rules require. Those firms could see their applications rejected after review.

• The central bank’s list, updated on November 9, shows 119 applications under review, 24 institutions already authorized and one rejection.
• Supervision director Ailton Aquino said about 30% of exchange applicants lack the capital the rules require.
• Since November 6, banks have been barred from serving crypto firms that did not apply, and those firms have until November 30 to wind down.

What the Central Bank of Brazil said about applicants

Ailton Aquino, the central bank’s supervision director, raised the issue in a speech at the ABRACAM Speech 2026 conference on November 10. He said about 30% of applicant exchanges did not hold enough share capital to meet the regulator’s rules, putting the viability of their operations in doubt.

Aquino also said many applicants left out an audited financial statement, which the rules require.

How Brazil’s capital rules for crypto firms work

Brazil’s crypto rules took effect on February 2, 2026. Joint Resolution 14 of the central bank and the National Monetary Council sets the minimum capital for each crypto firm, known in regulation as a virtual asset service provider. It ranges from R$10.8 million to R$37.2 million, depending on the services the firm offers.

Bitnuvem, NovaDAX, Digitra.com and Coinext have closed their retail exchanges in Brazil this year, and Bitso has ended its service for individual customers.

Who is affected and what it could mean for users

Rejections on this scale could leave Brazilian institutions and customers with fewer ways to access crypto markets. João Paulo Oliveira, founder of NoxPay, a crypto payment provider, said on social media that he expects about half of the 120 applicants to be rejected in the first round.

Some market participants have suggested that certain firms filed incomplete applications to buy time and avoid being cut off by banks.

Brazil’s applicants in Coincub data

Coincub’s registry tracks 144 companies registered with the Banco Central do Brasil, all of them recorded this year as the new rules took effect. Binance, Mercado Bitcoin and Coinbase are among the firms still under review.

What happens next for new applicants

Firms that did not apply must wind down operations by November 30. New companies can still apply to enter the market, but the central bank has set a review period of up to two years. Those firms cannot operate until their application is approved. The central bank has not said when decisions on the 120 pending applications will come.