Lemon broadens regulated footprint across Latin America

Lemon, the crypto-fintech platform, is expanding its regulated financial infrastructure across Latin America, adding payment, investment and digital-asset services to its growing user base of millions. In July, Peru's banking and insurance regulator approved the establishment of Lima del Sol EEDE, an electronic-money issuer linked to Lemon Group, providing a supervised route for the company to operate more of its local payments infrastructure.

The approval is a step towards operations, requiring a separate operating authorization before the new company can function. Lemon's Peruvian wallet currently operates through Lanin Pay, using an external supervised issuer for electronic money. As of July, the Superintendencia de Banca, Seguros y AFP reported more than five million users across Latin America using Lemon's services, with more than two million Visa cards issued and $9.3 billion processed in 2025.

Founded in 2019 by Marcelo Cavazzoli, Lemon has evolved from a crypto wallet into a comprehensive financial application offering local-currency accounts, cryptocurrency trading, international payments, and investment products. Its international Visa card provides benefits like Bitcoin cashback in Argentina and 0.4% of eligible spending in USDT in Colombia.

Lemon cards can be used internationally wherever Visa is accepted, subject to local terms, account balances, and merchant requirements. The platform features more than 50 digital assets, with crypto services available through over 16 blockchain networks and exchanges involving more than 20 tokens. Lemon's crypto-focused platform allows users to place eligible digital assets into decentralized-finance protocols, offering variable crypto returns.

However, Lemon explicitly warns that such returns are not guaranteed, and users can lose part of the assets committed. Transparency tools, including in-app proof-of-reserves and proof-of-solvency, allow users to inspect custodied assets and review periodic liability checks. Lemon's regulatory structures vary by market, with different entities handling payment-account functions and cryptocurrency services in Argentina, Peru, and Colombia.