Brazilian Investment and Exchange Commission (CVM) based in Singapore cryptocurrency exchange barred Bybit from trading securities.
The Activities of the Famous Cryptocurrency Bybit Suspended in Brazil
The Commission, in a statement on Monday, decided to suspend, directly or indirectly, all kinds of business activities of ByBit company within Brazil, including the use of websites, phone apps and social media networks.
According to the decision of the Brazilian Investment and Exchange Commission, Bybit was trying to raise funds for securities investments from Brazilian investors without being authorized to trade securities in Brazil.
According to the statement, it was stated that only the B3 exchange has the authority in question.
Despite all these events, Bybit exchange kept its silence by avoiding any explanation.
In addition, the commission stated that ByBit must urgently comply with the trade barrier, and if it is not complied with, the commission will impose a daily fine of 1,000 Brazilian reals ($ 194).
Bybit Brazilian users in April using Brazilian real bitcoin and other cryptocurrencies, and announced the launch of the NFT market with income generating products in this context.
In a statement in June, ByBit stated that it closely followed the crypto regulation efforts in Brazil in order to avoid an event similar to the Binance exchange case, which was suspended by the CVM management in 2020, and to adopt the best reasonable approach.
*Not investment advice.
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