Brazil Delays Crypto Transfers Above $10,000 Amid Fraud Concerns

The central bank of Brazil has announced new rules for cryptocurrency transfers that will delay certain transactions above $10,000 for up to 24 hours. The measures aim to address concerns about financial fraud and the use of virtual assets in scams.

The rule targets overseas platforms and self-custody wallets, and will apply when a customer sends more than $10,000 in a single transaction or exceeds that amount cumulatively during one day.

Financial institutions will conduct additional checks on qualifying transactions, which may result in a temporary delay before the transfer is approved. The central bank stressed that this does not freeze assets permanently and allows customers to complete transfers after the review period.

The new rules are set to take effect in 2027, giving financial institutions and crypto platforms time to amend their systems and comply with the requirements.