Brazilian Financial Services Behemoth XP Investimentos to Shut Down Cryptocurrency Arm SCENEXTAGE

SCENEXTAGE, the cryptocurrency arm of Brazilian financial services company XP Investimentos, will be closing down its operations and users will no longer be able to purchase digital assets listed on the platform. The reasons behind the shutdown are unclear, but the company has stated that it is an internal decision and not related to any risks concerning their clients. Users will still be able to sell their assets free of fees and brokerage charges until December 15, after which any remaining assets will be sold off by XTAGE and the proceeds deposited in a corresponding digital account at Banco XP. Despite the closure of XTAGE, XP Investimentos will continue to offer a range of crypto products for its customers interested in maintaining exposure to the digital asset space.

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