Brazil central bank: 30% of crypto exchanges fail capital requirements

Cointime update: Brazil’s central bank said nearly one-third of the 120 virtual asset service providers that applied before the Oct. 30 deadline failed to meet its capital requirements and may have their applications rejected. Supervision chief Ailton Aquino said at least 30% of crypto exchanges did not satisfy the equity thresholds under Resolutions 519 and 520, which require institutions to hold up to $7.2 million depending on their classification. Many applicants also failed to submit audited financial statements.