The Central Bank of Brazil's Copas has prohibited Banco Topázio S.A. from engaging in virtual asset exchange activities in the over-the-counter market for two years. This decision comes alongside a fine of 16.2 million reais (approximately $3.15 million) due to significant deficiencies in customer due diligence and anti-money laundering controls. Investigations revealed that between 2020 and 2021, the bank processed $1.7 billion in suspicious transactions without reporting them to regulators, accounting for 63% of its total overseas transfers during that period.