If Bybit fails to comply with the ban, it could face a daily penalty of $194 (or 1,000 Brazilian reals).
Singapore-based cryptocurrency exchange Bybit said it is taking necessary steps to ensure that it understands the requirements of the Securities and Exchange Commission of Brazil with respect to its services.a declaratory act earlier this week that ordered the suspension of the crypto platform’s security offerings and intermediation services directly or indirectly via websites, applications, or social networks to Brazilian citizens.
CVM’s order comes almost five months after the exchange divulged plans to roll out a full suite of products and services to Brazilian users, which would enable them to use Brazilian reals to purchase digital assets.
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