Brazilian X Suspension Now Released Following Tense Conflicts
Key Points:
- The Brazilian Supreme Court has suspended Elon Musk’s social media platform, X.
- The Brazilian X suspension includes fines for users attempting to bypass the ban using VPNs, with potential penalties of up to 50,000 reais.
- The ban could disrupt Brazil’s growing cryptocurrency community.
The Brazilian Supreme Court has ordered the suspension of X, Elon Musk’s social media platform, following failure by the company to appoint a legal representative in the country.
Read more: Second Spot Solana ETF Approved in Brazil
Brazil Suspends Elon Musk’s X Over Legal Compliance Issues
In the ruling, signed by Justice Alexandre de Moraes, access to X should be blocked by Internet service providers in Brazil, a nation of about 215 million people.
The ruling is an intensification of the battle between Musk and the Brazilian government. Earlier this week, the platform had withdrawn its legal representatives from Brazil after threats of arrest from Moraes. The justice then presented X with an ultimatum-to put a new legal representative in place in 24 hours, which was never attended to.
Also included in the Brazilian X suspension order are potential fines for users attempting to bypass the ban via VPNs, these reach 50,000 reais or about $8,900, according to BBC. X’s refusal to comply with local regulations and take down certain accounts increased tensions and brought the full force of the court against the platform.
For X, Brazil is a very important market, with about 40 million Brazilian users on the platform every month, CNN reported. However, since Musk acquired former Twitter back in 2022, the company has been beset by problems, including a significant decline in advertising revenues.
Brazilian X Suspension to Cause Chaos in the Crypto Community of Brazil
The move, in turn, could have rippling effects on the fast-growing cryptocurrency community in Brazil. X has been considered a digital town square, the central hub for crypto enthusiasts where discussions, dissemination of information, and updates on markets occur.
The Brazilian X suspension might hamper the flow of news on cryptocurrencies and also impede communication among traders and investors in the region, where interest has been rising. Asset management giant BlackRock recently extended its Bitcoin ETF and Ethereum ETFs in the region.
| DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing. |
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Brazilian X Suspension Now Released Following Tense Conflicts
Key Points:
- The Brazilian Supreme Court has suspended Elon Musk’s social media platform, X.
- The Brazilian X suspension includes fines for users attempting to bypass the ban using VPNs, with potential penalties of up to 50,000 reais.
- The ban could disrupt Brazil’s growing cryptocurrency community.
The Brazilian Supreme Court has ordered the suspension of X, Elon Musk’s social media platform, following failure by the company to appoint a legal representative in the country.
Read more: Second Spot Solana ETF Approved in Brazil
Brazil Suspends Elon Musk’s X Over Legal Compliance Issues
In the ruling, signed by Justice Alexandre de Moraes, access to X should be blocked by Internet service providers in Brazil, a nation of about 215 million people.
The ruling is an intensification of the battle between Musk and the Brazilian government. Earlier this week, the platform had withdrawn its legal representatives from Brazil after threats of arrest from Moraes. The justice then presented X with an ultimatum-to put a new legal representative in place in 24 hours, which was never attended to.
Also included in the Brazilian X suspension order are potential fines for users attempting to bypass the ban via VPNs, these reach 50,000 reais or about $8,900, according to BBC. X’s refusal to comply with local regulations and take down certain accounts increased tensions and brought the full force of the court against the platform.
For X, Brazil is a very important market, with about 40 million Brazilian users on the platform every month, CNN reported. However, since Musk acquired former Twitter back in 2022, the company has been beset by problems, including a significant decline in advertising revenues.
Brazilian X Suspension to Cause Chaos in the Crypto Community of Brazil
The move, in turn, could have rippling effects on the fast-growing cryptocurrency community in Brazil. X has been considered a digital town square, the central hub for crypto enthusiasts where discussions, dissemination of information, and updates on markets occur.
The Brazilian X suspension might hamper the flow of news on cryptocurrencies and also impede communication among traders and investors in the region, where interest has been rising. Asset management giant BlackRock recently extended its Bitcoin ETF and Ethereum ETFs in the region.
| DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing. |
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