based in Singapore cryptocurrency exchange Bybit will stop offering crypto futures and options in Brazil on Thursday, following a ban on its platform by the Brazilian Securities and Exchange Commission (CVM) last week.
Cryptocurrency Exchange Bybit, Responding to the Call of Brazilian Authorities, Stops Derivatives Trading in the Country
Bybit said in a statement that it has spoken to CVM to resolve the issue. Meanwhile, the company added that it is “limiting derivatives trading as of now.”
Bybit’s platform is currently issuing a message warning of this change and advising users to “manage their positions and/or orders” before Thursday.
The company added that this measure “will not mean any blocking of derivative assets deposited by its investors.”
Bybit did not respond to users’ questions about whether open derivatives positions will be automatically closed on Wednesday.
The exchange added that other crypto products such as spot market asset trading offered in Brazil continue to operate as normal “in accordance with relevant local regulations.”
Last week, CVM stated that Bybit is “trying to raise funds for investments in securities from investors residing in Brazil,” but the company is not authorized to act as a securities broker, as only the B3 exchange is allowed to offer securities in Brazil.
bitcoin and crypto exchanges had problems with the regulators this year after their abundant profitable days in 2021, and in this context, many exchanges sat at the table with the regulators.
*Not investment advice.
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