Brazil Sets 24-Hour Hold on Crypto Withdrawals Above $10,000
Brazil's central bank has introduced a new rule to combat money laundering and financial fraud in the cryptocurrency market. The rule requires virtual-asset service providers to delay withdrawals for 24 hours when users move assets exceeding $10,000 from their accounts to self-custody wallets or overseas crypto platforms.
The Banco Central do Brasil issued the rule, which will take effect on January 1, 2027. Providers must assess a user's risk profile and other factors before approving or rejecting transactions. If they place a hold on a transfer, users must be informed of the reason and duration of the delay.
The measure applies not only to cryptocurrencies like Bitcoin but also to fiat-backed stablecoins. Failure to comply could result in additional restrictions, including longer holds, expanded rule application, and limits on early approvals.