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Brazilian Federal Police Launch Operation Colossus, 6 Cryptocurrency Exchanges Involved

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Brazilian Federal Police Launch Operation Colossus, 6 Cryptocurrency Exchanges Involved

The Brazilian Federal Police and the Brazilian tax authority have launched the final stage of “Operation Colossus,” a movement that has executed hundreds of court orders against cryptocurrency exchanges, arbitrage agents, and fake companies in four states of the country. 158 government officers, including 130 federal policemen, were involved in this operation, effecting search and seizure orders for six cryptocurrency exchanges and four forex institutions.

Operation Colossus Launched to Stop Crypto Money Laundering Operations

On September 22, The Federal Police of Brazil, with the help of the Brazilian tax authority, launched the final stage of Operation Colossus, an investigation with more than four years of history. The organizations executed more than 100 court orders directed at six cryptocurrency exchanges, four forex operators, and arbitrage agents suspected of aiding in money laundering operations.

It is estimated that 130 federal policemen participated in Operation Colossus, delivering two arrest warrants, and 37 search and seizure orders in four states of the country, including Rio de Janeiro, Bahia, Sao Paolo, and Santa Catarina. 28 officers of the Brazilian tax authority were also involved in the effort.

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The criminals allegedly used cryptocurrency assets to launder money via a remittance system. According to the press release issued by the Federal Police, close to $391 million were moved during suspicious exchange operations. The Federal Police stated:

Such resources entered and circulated through the official financial system, through shell companies, without economic and financial capacity, and passed through transit accounts until their conversion into cryptoassets that could be used abroad.

Modus Operandi and Similar Operations

Authorities believe that three groups were involved in this criminal endeavor. The first group is formed of high-level arbitrage agents, that purchased large quantities of cryptocurrency assets in countries like the U.S., Singapore, and Hong Kong. The second group is cryptocurrency exchanges, which acted as middlemen.

The third group is composed of fake companies and individuals that purchased these cryptocurrency assets, with many of the customers being unable to purchase cryptocurrencies. Among these were the deceased, people included in assistance programs, and elderly people over 90 years of age. More than 1,300 of these fake companies were managed by a single accountant.

This is one of the biggest crypto-related operations of its kind in the country, alongside others like operation Kryptos and operation Compliance, which were executed by government forces last year.

What do you think about Operation Colossus? Tell us in the comments section below.

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Sergio Goschenko

Sergio is a cryptocurrency journalist based in Venezuela. He describes himself as late to the game, entering the cryptosphere when the price rise happened during December 2017. Having a computer engineering background, living in Venezuela, and being impacted by the cryptocurrency boom at a social level, he offers a different point of view about crypto success and how it helps the unbanked and underserved.

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Image Credits: Shutterstock, Pixabay, Wiki Commons, Joa Souza / Shutterstock

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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Brazil

60% Of Latam Professionals Open To Using Metaverse Tools At Work: Study

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60% Of Latam Professionals Open To Using Metaverse Tools At Work: Study

Workers and executives in Latam are open to trying metaverse tools in conjunction with their traditional work, according to a study commissioned by Ciena, a software, networks, and services company. The study, which surveyed 15,000 business workers from all around the world, found that there is optimism about the implementation of these technologies.

Latam Office Workers Consider Metaverse-Based Tools Useful

After the Covid-19 pandemic, more and more companies have changed their working requirements, with the rise of remote work being a consequence of this. According to a recent study presented by Ciena, a networks software company, Latam office workers are especially open to including these technologies at work.

The study, which surveyed 15,000 business professionals in 15 different regions including Colombia, Brazil, and Mexico, found that almost 60% would consider working from a virtual metaverse platform. In the same way, more than 50% believe that collaboration is achieved in an easier way using virtual platforms than face-to-face.

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The reasons behind this belief vary from country to country. In Mexico, the rationale is linked to the belief that there are fewer possibilities of distractions using these tools. In Colombia and Brazil, it is considered that these tools aid the economy of the companies using them.

More Findings, Perceived Limitations

There is also a growing understanding that working trends will change in the not-so-distant future. 40% of those surveyed in Latam believe that in the next two years their working environments will start shifting from traditional locations to more virtual/immersive locations. This percentage is higher than its equivalent in the rest of the world.

Metaverse is also seen as a tool useful for purposes other than work. The survey determined that 63% of the surveyed would use virtual platforms for learning and education purposes in Colombia. In Mexico, 60% would use these platforms to socialize, and 69% would use them for online gaming purposes in Brazil.

However, those surveyed are also aware of the limitations of such tools and their dependence on infrastructure and services. More than 40% in Mexico and Brazil declared that network reliability was a concern for this kind of application. Another worry is the relative ignorance about implementing and using these tools in working environments.

The results of the survey are consistent with another study published by the World Economic Forum in May, which found that countries in Latam had a greater appreciation of the metaverse than the rest of the world.

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What do you think about the appreciation of the metaverse in Latam? Tell us in the comments section below.

Sergio Goschenko

Sergio is a cryptocurrency journalist based in Venezuela. He describes himself as late to the game, entering the cryptosphere when the price rise happened during December 2017. Having a computer engineering background, living in Venezuela, and being impacted by the cryptocurrency boom at a social level, he offers a different point of view about crypto success and how it helps the unbanked and underserved.

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Image Credits: Shutterstock, Pixabay, Wiki Commons

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Brazil

Brazilian Securities And Exchange Commission CVM Subpoenas Mercado Bitcoin On Fixed Income Token Investments

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Brazilian Securities And Exchange Commission CVM Subpoenas Mercado Bitcoin On Fixed Income Token Investments

The Brazilian Securities and Exchange Commission (CVM) has sent a subpoena to Mercado Bitcoin, one of the biggest exchanges in the country, to inquire about the services the company lends regarding cryptocurrency-related fixed return investments. The company will have to disclose the details of these investments and if they plan to maintain them as available to the general public.

Mercado Bitcoin Subpoenaed on Fixed Income Token Investments

Cryptocurrency exchanges are becoming more than just that, and in regions like Latam, where there are countries with high inflation numbers, some offer bank-like products to entice customers to enter the crypto market. Mercado Bitcoin, one of the biggest cryptocurrency exchanges in Brazil, has been subpoenaed by the Brazilian Securities and Exchange Commission (CVM) on the services that it offers customers via its platform.

The subpoena inquires about the services offered via the Tokens section on the web page of Mercado Bitcoin, which, according to the CVM, offers a way for customers to diversify their portfolio with supposed low risk and receive a high yield in different areas.

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These tokens are available for customers with more than a certain number of stablecoins, ostensibly providing a higher yield than normal savings products in the short term.

CVM Subpoena Details

The CVM is requiring certain key information about how these tokens work. Mercado Bitcoin will have to detail the number and identities of the customers that have invested in these products since January 2020. In addition, Mercado Bitcoin will have to announce if it intends to keep offering these token products in the future. If it does, the company might face sanctions if the CVM decides that the products are irregular.

However, Mercado Bitcoin affirms it is not offering irregular services. In a statement, the company explained:

We do not carry out a public offering of securities outside the scope of the authorizations we have as an authorized crowdfunding and investment manager platform.

In the same way, the company clarified that they take the utmost care to not infringe the field of action of authorized entities, and that the company had consulted about the structure of these tokens before offering the products in 2020.

This is just the latest problem that the exchange has faced this year, with the company executing two different layoff rounds, the first in June and the last one executed earlier this month. In 2021 Mercado Bitcoin raised $200 million in its Series B funding round, backed by Softbank, achieving a valuation of more than $2 billion.

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What do you think about Mercado Bitcoin’s CVM subpoena? Tell us in the comments section below.

Sergio Goschenko

Sergio is a cryptocurrency journalist based in Venezuela. He describes himself as late to the game, entering the cryptosphere when the price rise happened during December 2017. Having a computer engineering background, living in Venezuela, and being impacted by the cryptocurrency boom at a social level, he offers a different point of view about crypto success and how it helps the unbanked and underserved.

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Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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Argentina

Digital Neobank Nubank Reaches 70 Million Customers In Latam; Almost 2 Million Have Purchased Crypto

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Digital Neobank Nubank Reaches 70 Million Customers In Latam; Almost 2 Million Have Purchased Crypto

Nubank, a Brazil-based digital bank, has announced a new milestone in its operations. The company announced that it has reached 70 million customers in Latam, making it one of the biggest financial institutions of its kind in Brazil. The company also announced that almost 2 million of its customers are cryptocurrency investors.

Nubank Reaches 70 Million Customers; Crypto Customers Reach 1.8 Million

Latam has become fertile ground for companies providing alternative finance and cryptocurrency-based services, due to its unique set of circumstances. Nubank, a Brazil-based digital neobank, has recently reached a milestone in the region, announcing it now serves 70 million customers. Most of these customers, as expected, are based in Brazil. However, the neobank has also managed to get into other markets, such as Mexico, where the company has 3.2 million customers, and Colombia, with 400,000 customers.

The products of the company that have experienced the most significant growth include Money Boxes, which are investment and planning options that have registered more than 1.7 million users as investors. Another area that has powered the growth of Nubank is its cryptocurrency division, which allows customers to purchase, hold, and sell digital assets from the same app. According to a press release, more than 1.8 million customers have already made at least one cryptocurrency purchase using Nubank’s app.

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About the growth of the company and the services offered, David Velez, CEO and founder of Nubank, stated:

Our accelerated growth is driven by an ongoing search for efficiency, which balances expansion, new products, and increased revenue per customer. Nubank is a project for the next decades and we remain firm in our purpose of freeing all people from any complexity in financial services in Brazil, Mexico, and Colombia.

Crypto Market Thrives in Brazil

The company opened its cryptocurrency trading services for more than 54 million customers in Brazil in June, also holding bitcoin as part of its balance sheet. This announcement opened the floodgates for more companies in Brazil to follow in Nubank’s footsteps and also enter the cryptocurrency services market.

One of the biggest rivals of the company is Mercado Libre, an e-tailer company that started offering crypto services last year, and that recently issued its own cryptocurrency, called Mercadocoin. Other companies have also followed suit, including Rico, a financial brokerage platform that aims to offer cryptocurrency services for 2023, and Picpay, a payments platform that plans to roll out its own Brazilian real-based stablecoin.

Even traditional banks like Santander have announced they will include cryptocurrency in their service portfolio in the coming months. However, crypto is still not regulated in the country, as the national cryptocurrency bill has failed to be discussed by the Brazilian Congress due to election-related matters.

Tags in this story

Argentina, Brazil, Cryptocurrency, digital neobank, growth, latam, mercado libre, nubank, picpay, RICO, Santander

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What do you think about the crypto-powered growth of Nubank in Brazil? Tell us in the comments section below.

Sergio Goschenko

Sergio is a cryptocurrency journalist based in Venezuela. He describes himself as late to the game, entering the cryptosphere when the price rise happened during December 2017. Having a computer engineering background, living in Venezuela, and being impacted by the cryptocurrency boom at a social level, he offers a different point of view about crypto success and how it helps the unbanked and underserved.

Advertisement

Image Credits: Shutterstock, Pixabay, Wiki Commons, Tada Images / Shutterstock.com

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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