Brazil's Central Bank Delays Crypto Transfers Over $10,000 Amid Fraud Concerns

The Central Bank of Brazil (BCB) has introduced a new rule requiring covered crypto service providers to delay certain transfers for 24 hours as a precaution against fraud. The rule, known as Resolution 584, amends existing fraud-prevention rules for payment services to also cover virtual asset services.

According to the resolution, qualifying transfers exceeding $10,000 in a single transaction or across the customer's total transactions on the same day will be subject to this delay. This includes transfers to foreign entities operating in the virtual asset market and to self-custody wallets.

The 24-hour hold is described as an exclusively precautionary measure intended to allow institutions to assess transaction risk. Affected customers must be notified of the hold, and institutions may release funds before the deadline if they make a reasoned decision based on specified risk-management criteria.