Cryptocurrency broker ByBit is prohibited from operating in Brazil by the CVM; check out

São José do Rio Preto, September 5, 2022, by Sérgio Carrieri – ByBit is prohibited by the Securities and Exchange Commission (CVM) from attracting customers on Brazilian soil. At least until the rules of this market in the country are adapted. According to the national regulatory agency, in case of non-compliance with the determination, you will receive a daily fine of R$ 1 thousand.

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In this way, the Superpix diary comes to bring more details of this subject that moved the economic news this beginning of week. After all, ByBit is one of the most recognized cryptocurrency exchanges in the world. It is even a master sponsor of the most powerful formula one team today.

Cryptocurrency broker ByBit is prohibited from operating in Brazil by the CVM;  check it out - Freepik
Cryptocurrency broker ByBit is prohibited from operating in Brazil by the CVM; check it out – Freepik

ByBit in Brazil

Founded in 2018, ByBit is the third largest cryptocurrency exchange in the world, based in Dubai, UAE. In addition, it has around five million global users and more than $12 billion worth of digital assets traded every day. He arrived in the country in May with the promise of investing around US$ 50 million in investments.

At the same time, introducing aggressive marketing revenue, zeroing funding fees for stablecoin users. The company’s investment volume demonstrates that the will to grow in our market is enormous. Even more so in a scenario of expansion that already has more than 10 million investors in cryptocurrencies.

Does the CVM’s decision make the company less reliable?

Not at all, since the CVM’s decision refers to the intermediation of securities offered on the company’s website in the country. In addition to the trading and custody of cryptocurrencies, a number of other services linked to derivatives are listed on the website. In other words, the Brazilian agency did not give this marketing authorization to the company.

According to the article published on September 5 in Portal InfoMoney , the CVM determined the immediate suspension of these securities intermediation services. Not impacting the company’s operations in the trading of cryptocurrencies. For example, Binance, the world’s largest exchange, received a tug from the CVM in 2020 for the same reason.

Cryptocurrency broker ByBit is prohibited from operating in Brazil by the CVM;  check out
Cryptocurrency broker ByBit is prohibited from operating in Brazil by the CVM; InfoMoney playback

ByBit on sale with recent crypto crashes

Bitcoin, the world’s leading cryptocurrency benchmark, has lost more than 3.5 times its market value in the past nine months. Other currencies followed suit, nearly breaking some exchanges. It is in such a scenario that many investors turn to more conservative and safe fixed income.

On the other hand, it represents an opportunity for expressive gains for those who can and want to take a little risk in the crypto market. ByBit brought this vision when it landed in the country, including a series of promotions to attract more customers here. Therefore, it costs nothing to evaluate what the company offers if you are going to invest in cryptocurrencies.

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