Crypto-friendly bank Nubank seeks to acquire smaller banks in Brazil to retain its name.

PANews reported on December 12th, citing Bloomberg, that sources familiar with the matter revealed that crypto-friendly bank Nubank has become a regulatory target of the Central Bank of Brazil, facing a pressing identity crisis: despite its name, it is not actually a bank. This comes as new regulations passed in Brazil in November prohibit unlicensed companies from using the word "bank" or similar expressions in foreign languages ​​in their brands. The company is reportedly considering acquiring a small, licensed bank. The source stated that acquiring a bank with accumulated losses could even qualify for tax credits. Nubank has not yet made any decisions and may abandon the acquisition, instead applying for a new license from the Central Bank of Brazil (BC). However, obtaining a new license is a lengthy and costly process, which an acquisition could avoid.