Brasil Bitcoin co-founders move to expel 40% shareholder
Corporate rift at major Brazilian crypto exchange highlights governance risks as Central Bank prepares virtual asset service provider licensing.
A major corporate rift has emerged at one of Brazil's largest cryptocurrency brokerages, highlighting the growing governance challenges facing local digital asset platforms. The co-founders of Brasil Bitcoin, a prominent local exchange, have called an urgent shareholder meeting to vote on the compulsory exclusion of their partner, Erick Carlos Castilho Crus, who holds a 40% stake in the company.
The majority owners, Marco Vinicius Castellari and Jorge de Almeida Alves, accuse Crus of misconduct and acting in ways that threaten the daily operations and long-term survival of the platform. According to corporate documents filed with the São Paulo Board of Trade (Jucesp) and first reported by Livecoins, the co-founders allege a profound "disharmony" among the partners that has actively hindered the company's growth. In response, Crus has reportedly counter-sued, demanding the exclusion of the other two partners and calling for an independent audit of the firm's financial health.
This high-profile dispute comes at a critical juncture for the Brazilian digital asset market. Brasil Bitcoin ranks as the fourth-largest cryptocurrency exchange in Brazil by 24-hour trading volume. More importantly, the internal battle is unfolding while the company is in the middle of obtaining formal authorization from the Central Bank of Brazil to operate as a licensed virtual asset service provider, locally known as an SPSAV.
Under Brazil's evolving regulatory framework, the Central Bank has established strict compliance, capital, and corporate governance standards for crypto platforms. Internal executive warfare and mutual accusations of contract breaches could complicate the exchange's licensing process. For ordinary users, the immediate concern lies in the safety of their funds, though the co-founders insist the administrative dispute does not affect the platform's day-to-day trading services.
The legal mechanism being used to oust Crus is Article 1,085 of the Brazilian Civil Code, which allows majority shareholders to expulse a partner who puts the continuity of the business at risk, provided the partner is given a full opportunity to defend themselves. The upcoming extraordinary general meeting will decide whether the exchange will proceed with the forced buyout of Crus's 40% share, a move that is highly likely to be contested in the Brazilian courts.