menuIcon
$ 82,665.8
BTC
$ 82,665.8
0.40 %
$ 1,821.51
ETH
$ 1,821.51
0.21 %
$ 0.6709
ADA
$ 0.6709
0.38 %
$ 604.36
BNB
$ 604.36
0.17 %
$ 126.01
SOL
$ 126.01
0.90 %
Usha Yadav
Sep 6, 2022
by Usha Yadav

Brazilian CVM Bans Bybit Exchange From Brokering Securities In Brazil

Bybit Exchange

Table of contents

  1. Bybit Allegedly Raising Funds
  2. First-in-Market USDC Options for ETH and SOL
The Singapore-based cryptocurrency exchange Bybit gets prohibited from brokering stocks by the Brazilian Securities and Exchange Commission (CVM). CVM declaratory act ordered the suspension of "the public offering of any securities intermediation services. It also mentions benefits, including using websites, applications, or social networks by Bybit to Brazilians.

Bybit Allegedly Raising Funds

Without being authorized to function as a securities intermediary, Bybit was allegedly "trying to raise funds from investors resident in Brazil for investments in securities." Only the B3 stock market in Brazil is authorized to sell securities. Bybit must comply with the restriction immediately, the CVM continued, or the commission would levy a daily fine of 1,000 Brazilian reals (about $194).

Bybit launched earning products and an NFT marketplace, and let Brazilian consumers buy cryptocurrencies using Brazilian reals in April. Bybit informed InfoMoney in June that it was actively monitoring the Brazilian debate over cryptocurrency regulation to adopt the best course of action and avoid a repeat of Binance, which the CVM halted in 2020.

First-in-Market USDC Options for ETH and SOL

Bybit is the first cryptocurrency exchange to provide trading in USDC options. It is expanding its selection of cryptocurrency options to include contracts for Solana (SOL) and Ether (ETH). It follows the launch of its first-in-market Bitcoin (BTC) contracts with a USDC settlement earlier this year.

Bybit's new ETH and SOL options contracts respond to customer demand and mark a significant step toward creating additional opportunities for Bybit users to improve their trading experience. If a user registers before October 4, 2022, 10 AM UTC, Bybit offers up to 66% off trading costs for 30 days to commemorate its launch.

Follow us on: News
Bybit CVM Brazil Brazilian Securities and Exchange Commission
Brazilian CVM Bans Bybit Exchange From Brokering Securities In Brazil
Usha Yadav
Usha is a diehard crypto enthusiast and has been actively writing on different facets of the blockchain and crypto world. She has authored many research articles on cryptocurrency and aims to provide informational and quality content to readers. She firmly believes that crypto has a great potential to redefine the world of finance and blockchain.

Top Picks