[Brazilian Central Bank fines Banco Topázio approximately $3.15 million and bans it from conducting crypto asset OTC forex business for 2 years] According to Deep Tide TechFlow, on May 13, Times Brasil reported that the Administrative Sanctions Decision Committee under the Brazilian Central Bank imposed a fine of approximately $3.15 million on Banco Topázio and prohibited it from conducting over-the-counter (OTC) foreign exchange business for virtual asset transactions over the next two years. Regulators stated that between October 2020 and September 2021, Banco Topázio handled approximately $1.7 billion in related transactions but exhibited deficiencies in customer qualification reviews, customer registration, anti-money laundering (AML), and counter-terrorism financing (CTF) controls, and failed to report suspicious transactions to Coaf. Officials from the Brazilian Central Bank indicated that similar restrictive measures might be applied to other institutions involved in crypto asset businesses in the future.