Cryptocurrency exchange Bybit is banned from operating security products and intermediary services in Brazil

2022-09-06 18:26:51

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According to Chain Catcher news, Forkast reports that the Brazilian Securities and Exchange Commission (CVM) has prohibited the Singapore-based cryptocurrency exchange Bybit from directly or indirectly offering securities products and trading services to its citizens through its website, app, or social networks. The reason is that Bybit sought to raise funds as a securities intermediary without proper authorization. CVM also stipulated that Bybit must immediately comply with the ban, or it will face a daily fine of 1,000 Brazilian Reais (194 USD).

It is reported that in April this year, Bybit announced it would provide a full suite of products and services for Brazilian users, allowing them to purchase crypto assets using Brazilian Reais. Last year, Binance was ordered to cease trading crypto derivatives on its Brazilian platform. (Forkast)

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