Brazil’s ban on Elon Musk-owned Twitter, now known as X, is having ramifications for the South American country’s sizable crypto community, according to Cointelegraph.

This past August, the country banned X after it failed to designate an in-country legal representative for the social media platform. In October, Brazil is scheduled to hold municipal elections, which originally sparked concerns that X was flagrantly choosing not to address growing disinformation and hate speech circulating on the platform.

Brazil is the sixth-largest crypto market in the world, and is home to 26 million crypto investors. The ban on X is impacting the livelihood of many users, given that Brazilians employed or investing in the crypto sector typically rely on X for crypto market analysis and price signals, professional networking, and forging partnerships with their colleagues across the world.

“As a founder, in terms of fundraising and getting in contact with VCs and other influential individuals, it definitely hurts quite a bit,” João Ferreira, CEO of the DeFi app Picnic, told Cointelegraph. Ferreira’s dominant social media app was Twitter, and the CEO says the ban led to the firm losing 50% of its reach on the app.

Similarly, Twitter was the primary way Brazilian digital asset educator Casta Crypto acquired exposure to new initiatives. The ban, however, has decimated his audience, which plunged significantly after the ban went into effect.

Earlier this month, the country levied fines of $920,000 on X after it was discovered residents could temporarily gain access to the site in spite of the ban.

“While we expect the platform to be inaccessible again in Brazil soon, we continue efforts to work with the Brazilian government to return very soon for the people of Brazil,” an X spokesperson said.