Coinext closes retail crypto operations in Brazil under new central bank rules
Major Brazilian exchange Coinext is shutting down retail trading, while holding client funds until mid-November.
The Brazilian cryptocurrency exchange Coinext has announced it will close its retail operations on Friday, citing the requirements of the country's new regulatory framework from the Central Bank. Founded in Belo Horizonte in 2017, the platform served more than 420,000 clients before making the decision to cease trading services. The company stated that every option for business continuity was examined and found unviable. Retail deposits, new registrations, and staking have already been suspended. Trading orders remain accessible until October 15, while withdrawals can be processed until October 20. From October 26, remaining crypto balances will convert automatically to Brazilian reais. Coinext Asset, the group's institutional arm focused on professional clients, continues operations. The company confirmed it will return all client assets and resources fully through a timeline extending to November 30.
