The Brazilian central bank fined Banco Topázio approximately 3.15 million USD and prohibited it from conducting over-the-counter foreign exchange transactions involving crypto assets for two years

According to Times Brasil, the decision-making committee of the administrative sanctions procedure under the Central Bank of Brazil imposed a fine of approximately $3.15 million on Banco Topázio and prohibited it from conducting over-the-counter foreign exchange business for virtual asset trading for the next two years.

Regulators stated that Banco Topázio had deficiencies in customer qualification review, customer registration, and anti-money laundering and counter-terrorism financing controls while handling approximately $1.7 billion in related business from October 2020 to September 2021, and failed to report unusual transactions to Coaf. Officials from the Central Bank of Brazil indicated that similar restrictions may also apply to other institutions involved in cryptocurrency business in the future.