Brazilian cryptocurrency exchange Coinext announced on Thursday (3) the end of retail operations at Coinext Exchange, in another sign of pressure from the new regulation of Brazil's central bank, the Banco Central do Brasil, on companies in the sector. According to the company, the process will involve full return of assets and funds belonging to clients. The decision does not affect Coinext Asset, the group's asset management arm, according to a statement released by the company.
In the announcement, Coinext said it had assessed alternatives for continuing to operate within the new regulatory landscape, including talks with potential partners, but concluded that none of the options examined was viable. The exchange attributed the closure to the advance of rules for virtual asset service providers, which now require authorisation from the Banco Central, along with prudential requirements, governance, asset segregation and more robust controls.
As of Thursday, the exchange stopped accepting new registrations and new deposits in reais or cryptocurrencies. New staking sign-ups also became unavailable, and existing positions entered automatic redemption from 3 September. Buying and selling of assets will remain available until 15 October, while crypto withdrawals can be made until 20 October.
Coinext also said that any crypto balances not withdrawn or sold by the set deadlines will be automatically converted to reais from 26 October. The platform will remain available for access to documents and transaction history until 30 November. From 1 December, customer service and support will remain active indefinitely for requests related to reports, histories and other client needs.
In a message to clients, José Artur Ribeiro, CEO and co-founder of Coinext, said the company is ending operations after nearly ten years of activity. According to him, the exchange was founded in 2017 with the aim of allowing Brazilians to access the crypto market “with security and confidence”. Coinext itself states on its website that it has more than 420,000 clients in Brazil and operates as a virtual asset service provider in the areas of buy-and-sell intermediation, custody and staking.
Coinext pointed to Mercado Bitcoin and OKX as alternatives for clients who wish to keep trading. The company stressed, however, that there will be no automatic transfer of accounts, balances or assets. Migration will be voluntary and will depend on each institution's registration, verification and compliance processes.
Coinext Asset, for its part, will continue operating normally, focusing on structuring investment funds for institutional clients, including strategies that go beyond the crypto space.
Regulation tightens grip on exchanges
The closure comes as Brazil's new regulatory framework for crypto assets takes effect. The Banco Central published in November 2025 Resolutions BCB No. 519, 520 and 521, which govern the authorisation process, the operation of virtual asset service providers, and rules for virtual asset transactions related to the foreign exchange and international capital markets.
Under the new rules, companies providing virtual asset services must seek authorisation from the Banco Central to continue operating. Resolution BCB 520 governs the establishment and operation of virtual asset service providers, as well as the provision of these services by institutions already authorised by the central bank.
The new model also extends to crypto companies obligations already familiar in the financial system, such as consumer protection and transparency, anti-money laundering and counter-terrorism financing measures, governance requirements, security, internal controls and reporting to the regulator.
In addition, capital and equity requirements vary according to risk and the range of activities carried out, with amounts ranging from roughly 1.81 million EUR to 6.24 million EUR, according to regulatory analysis of the Banco Central's rules.
For smaller companies or those with leaner models, the cost of adaptation has become one of the main challenges. The Banco Central argues that the regulation increases market safety, but the practical effect has also been an acceleration of consolidation, with companies shutting down, seeking partners or trimming products.
Coinext joins NovaDAX and Digitra
Coinext is another Brazilian crypto asset exchange to announce closure or a significant scaling-back of operations amid the new regulatory environment. Before it, NovaDAX announced the discontinuation of its exchange operation, while Digitra.com said it would not submit an authorisation request to the Banco Central and would wind down its digital asset trading and custody activities in Brazil in an orderly manner.
In Digitra's case, the company stated explicitly that it had decided not to apply for authorisation to operate as a virtual asset service provider. The platform also said that, under the Banco Central's regulation, it would not be able to continue holding clients' virtual assets after 30 October 2026.
NovaDAX, for its part, had already halted trading and paused its matching engine, keeping only wind-down steps and client fund withdrawals running.
The move underscores a shift in phase for the Brazilian crypto market. After years of growth under more fragmented rules, exchanges are now operating under direct supervision of the Banco Central. For investors, the trend points to a sector with fewer companies, but with rules closer to those required of traditional financial institutions. For independent exchanges, the challenge will be proving they can meet the new capital, control and governance standards without losing scale or competitiveness.
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