The exchanges, Acesso and Latoex, have decided to suspend their operations rather than paying hefty fines and comply with strict regulations. The latest compliance demands, in particular, requires expensive investment into new resources, which aren’t easily affordable. Following the enactment of new tax laws in Brazil, two crypto exchanges have been forced to shut down. According to a Bitcoin.com report, exchanges Acesso and Latoex are the first two victims of the increased regulation. The exchanges have decided to suspend their operations in the face of hefty fines, strict rules and shrinking trading volumes. Pedro Nunes, the co-founder of Acesso Bitcoin, told Portal do Bitcoin: After the Federal Revenue Service introduced these rules we noticed a significant decrease in the traded volume. We also feel that the market has cooled off for smaller exchanges. The latest regulations, which were implemented in August 2019, require traders and brokerages to report all crypto-related transactions. Those who fail to do so are subjected to fines ranging from 500 BRD to 1500 BRD ($120 – $360). According to exchanges, compliance with the latest regulation requires expensive investment into new resources, which less profitable firms can not afford easily. FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street Expert score 5 Etoro - Best For Beginner & Experts0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 5 Read Review Open My Free Account Your capital is at risk. Crypto News share Read Next PBOC sets Yuan reference rate at 7.0012 FX Street 2 years The exchanges, Acesso and Latoex, have decided to suspend their operations rather than paying hefty fines and comply with strict regulations. The latest compliance demands, in particular, requires expensive investment into new resources, which aren’t easily affordable. Following the enactment of new tax laws in Brazil, two crypto exchanges have been forced to shut down. According to a Bitcoin.com report, exchanges Acesso and Latoex are the first two victims of the increased regulation. The exchanges have decided to suspend their operations in the face of hefty fines, strict rules and shrinking trading volumes. Pedro Nunes, the co-founder of Acesso Bitcoin,… Top Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
