Bybit Banned Securities Brokers In Brazil

The Brazilian Securities and Exchange Commission has ordered crypto exchange ByBit to prohibit “direct or indirect public offering of any securities intermediary services” to Brazilians.

In a declaratory act published on September 5, the CVM ordered the suspension “the public offering of any securities intermediation services, directly or indirectly, including through the use of websites, applications or social networks” by ByBit to Brazilians.

“to participants in the securities market and to the general public that the aforementioned persons are not authorized by this Authority to act as securities intermediaries or to raise funds from investors for investment in securities, as they are not part of the distribution system provided for in art. 15 of Law No. 6,385;”

According to the CVM, ByBit was “seeking to raise funds from investors residing in Brazil for investments in securities”, without the company having authorization to act as a securities intermediary. Brazil’s securities exchange B3 is the only one authorized to intermediate securities in the South American country.

The CVM added that ByBit must comply with the ban immediately or else the commission will impose a daily fine of 1,000 Brazilian reals (equivalent to $194).

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