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

Sources familiar with the matter revealed that as Brazil passed new regulations in November prohibiting unlicensed companies from using the word "bank" or similar expressions in foreign languages in their brands, crypto-friendly bank Nubank has become a regulatory target of the Brazilian central bank and is facing an identity crisis that urgently needs to be addressed: despite its name being "bank," it is not actually a bank.