Brazil’s crypto market is undergoing the biggest reorganization in its history, and Crypto.com is the latest name signaling a retreat. Since the new authorization framework from the Central Bank of Brazil took effect on February 2, 2026, providers of virtual asset services have been required to obtain formal approval from the regulator in order to operate.

Brokerage firms that already had clients were given until the end of October 2026 to file the application, under risk of losing the right to continue operating in the market. And the rules aren’t lenient: minimum capital ranging from R$ 10.8 million to R$ 37.2 million, a dedicated physical headquarters, asset segregation, and controls to prevent money laundering. In practice, these companies have become a new type of financial institution, under continuous supervision by the Central Bank.

BeInCrypto reached out to Crypto.com for a statement, but, as of now, it has not received a response.

Another victim of Brazil’s bureaucratic wave?

The announcement has been part of consolidation and a line of exits. Bitnuvem left the country in April, citing operating costs and the burden of regulatory requirements. NovaDAX shut its doors in June after a strategic assessment by the controlling group.

In August, Digitra.com said it would not seek authorization and pointed to Foxbit as an exit route for its roughly 200,000 customers. And in early September, it was Coinext’s turn, which had more than 420,000 customers, to announce the end of its retail operation, with full return of assets on a schedule that runs through the end of October. It was the fourth exchange to throw in the towel in a few months.

But the reshuffling goes beyond closures. On September 1, Bitso and Mercado Bitcoin announced a strategic partnership in which Bitso stops serving individuals in Brazil and directs those customers to Mercado Bitcoin, leaving the country only in the institutional segment.

Together, the two companies have about 15 million customers and move more than US$130 billion per year, which they present as the country’s largest infrastructure for institutional payments. It is a clear snapshot of where the market is heading: local regulatory presence combined with international reach, with an increasingly distinct split between retail and institutional.

It is in this context that Crypto.com told Brazilian users that it will fully close its BRL (reais) cash balance account. In the message sent to customers this Tuesday, the 15th, the company said the change takes effect on October 25, 2026, and blocks new deposits, withdrawals, and operations using reais within the platform.

The decision marks an important turning point in the company’s relationship with the Brazilian market and raises questions about the future of the local operation, even though the company has not said in the notice that it intends to fully end its activities in the country.

Until October 25, customers continue to use the reais balance normally for deposits, withdrawals, and trading. Even so, the company recommends that users act ahead of the deadline. One alternative is to convert the BRL balance directly in the app to a cryptocurrency of choice. Another is to transfer the reais to a Brazilian bank account already registered on the platform.

Crypto.com also warns that users should review existing orders funded by the reais account. Limit orders, recurring buys (Recurring Buy), and TWAP orders linked to the Cash Account will be canceled on October 25.

For anyone who leaves money in reais in the account after the closure, the company says the remaining balance will be automatically converted to USDC, a stablecoin pegged to the U.S. dollar, at the market rate in effect at the time of conversion. The amount then drops into the user’s cryptocurrency wallet.

Terms for Brazilian users have also changed

In addition to closing the account in reais, Crypto.com informed that its Terms and Conditions for users in Brazil have been updated. According to the communication, anyone who continues using the app after October 25 will be accepting the new terms. Those who do not agree with the updated conditions may request the closure of Crypto.com’s services at no cost.

The company states, however, that other app features remain available. These include the ability to deposit, withdraw, and trade more than 400 cryptocurrencies, as well as using Crypto.com’s Visa prepaid card for purchases and rewards.

The decision comes at a time when Brazil’s regulatory environment for virtual asset companies is undergoing transformation. The Central Bank has been building specific rules for providers of virtual asset services operating in the country, tightening requirements for authorization, governance, internal controls, anti–money laundering, and risk management.

The article “With Central Bank deadline approaching, Crypto.com ends account in reais” was first seen in BeInCrypto Brazil.