Bybit replies after Brazil’s watchdog banned the stock exchange from stockbroking

Singapore-based Bybit said it is taking steps to ensure it understands Brazil’s Securities and Exchange Commission (CVM) requirements regarding its services.

Brazilian regulators have banned Bybit from stockbroking.

  • CVM passed an advertising law earlier this week ordering the suspension of crypto platform security offerings and brokerage services directly or indirectly through websites, apps or social networks for Brazilian citizens.
  • The document stated that Bybit was attempting to raise funds as a stockbroker without proper permission to do so.

After development, a Bybit spokesperson said encrypted potatoAnd the

“Bybit is taking steps to ensure that we fully understand the requirements and regulatory requirements relating to our derivatives trading offerings. We will respond accordingly in order to resolve the issue amicably in the interest of all parties. At this time, we cannot comment on the changing situation.”

  • CVM’s order comes nearly five months after the exchange revealed plans to roll out a full suite of products and services to Brazilian users that would allow them to use the Brazilian real to purchase digital assets.
  • Currently, the Brazilian stock exchange, B3, is the only entity in the country that can offer securities.
  • It should be noted that under the CVM regulation, foreign entities can only trade their securities on local exchanges.
  • Last year, Binance was ordered to stop trading crypto-derivatives on its Brazilian exchange to comply with an order from the South American country’s securities authorities.

Bybit responded after the Brazilian censorship blockers from the stock exchange first appeared on CryptoPotato.

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