Cryptocurrency exchange Bybit is banned from securities brokerage in Brazil

Chain Catcher news, the Brazilian Securities and Exchange Commission (CVM) has prohibited the Singapore cryptocurrency exchange Bybit from engaging in securities brokerage activities. In a statement released on Monday, the CVM ordered Bybit to suspend "the direct or indirect public offering of any securities brokerage services to Brazilian users, including through the use of websites, applications, or social networks."

According to the CVM, Bybit has not obtained authorization to act as a securities intermediary. In Brazil, only the Brazilian Stock Exchange B3 is allowed to provide securities. If Bybit violates the ban, it will be fined 1,000 Brazilian reais (equivalent to 194 USD) per day.
In April, Bybit announced that it would allow Brazilian users to purchase cryptocurrencies using Brazilian reais and launched a profitable product NFT marketplace. Previously, Binance had also been halted by the CVM. (CoinDesk)