Itaú’s Crypto Business Expands as Brazil Tightens Oversight

Itaú entered cryptocurrency trading in December 2023, making its latest regulatory notification a compliance milestone rather than a new launch. The bank reported approximately 300% growth in monthly crypto purchase volume during its first year, before expanding its offering to 15 assets. Brazil’s updated rules introduce stricter oversight of custody, governance and counterparties, potentially reshaping competition between banks and crypto exchanges. Brazil’s largest private-sector bank, Itaú Unibanco, has formally notified the Central Bank of Brazil that it provides cryptocurrency trading and custody services, nearly three years after entering the digital-asset market.