The Central Bank of Brazil fined Banco Topázio approximately $3.15 million and prohibited it from conducting over-the-counter foreign exchange activities involving cryptocurrencies for two years.

Mars Finance News, according to Times Brasil, the decision-making committee of the administrative sanctions process under the Brazilian Central Bank fined Banco Topázio approximately $3.15 million and banned it from conducting over-the-counter foreign exchange transactions for virtual asset trading for the next two years. Regulators stated that Banco Topázio, during its handling of approximately $1.7 billion in related transactions from October 2020 to September 2021, had deficiencies in customer qualification review, customer registration, anti-money laundering, and counter-terrorism financing controls, and failed to report suspicious transactions to Coaf. Brazilian Central Bank officials said that similar restrictions could also be applied to other institutions involved in cryptocurrency businesses in the future.