The Brazilian Central Bank fined Banco Topázio approximately USD 3.15 million and prohibited the bank from conducting over-the-counter foreign exchange operations involving crypto assets for a period of two years.

The Brazilian Central Bank fined Banco Topázio approximately USD 3.15 million and prohibited the bank from conducting over-the-counter foreign exchange operations involving crypto assets for a period of two years.

2026-05-13 09:59View Original

ChainThink news, on May 13, according to Times Brasil, the Administrative Sanctions Procedure Decision Committee under Brazil's Central Bank imposed a fine of approximately USD 3.15 million on Banco Topázio and banned the institution from conducting over-the-counter foreign exchange services for virtual asset transactions for the next two years.

The regulator stated that during the period from October 2020 to September 2021, Banco Topázio handled approximately USD 1.7 billion in related activities with inadequate customer due diligence, insufficient customer registration, weak anti-money laundering (AML) and counter-terrorist financing (CTF) controls, and failure to report suspicious transactions to Coaf.

Brazilian Central Bank officials indicated that similar restrictions could potentially apply to other institutions involved in cryptocurrency-related operations in the future.

Disclaimer: Contains third-party opinions, does not constitute financial advice

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