The Brazilian Securities and Exchange Commission (cvmgovbr) banned the Singapore-based cryptocurrency exchange Bybit_Official from brokering securities. oalvespaulo reports
The Brazilian Securities and Exchange Commission banned the Singapore-based cryptocurrency exchange Bybit from brokering securities.on Monday, the CVM ordered the suspension of “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.
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. In Brazil, only Brazil’s stock exchange B3 can offer securities.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 .
In June, ByBit told CoinDesk InfoMoney that it was closely following the crypto regulatory debate in Brazil, in order to take the best possible approach and not repeat the case of Binance, which was suspended by the CVM in 2020.
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