Lemon Exits Brazil Amid Crypto Licensing Costs

Lemon has announced that it will be closing its Brazilian operations and terminating approximately 15,000 local accounts due to the country's new crypto licensing capital requirements.

The company cited the costs associated with meeting these standards as 'disproportionate' compared to the size of its local business.

Lemon will assist users with withdrawals before closing remaining accounts on October 16, 2026. New deposits in Brazilian reais have already been suspended, and Lemon Card payments will cease on September 30.

The company plans to redirect resources towards Argentina, Peru, and Colombia, where it believes its current licenses, customer numbers, and operating costs provide a stronger basis for expansion.