Crypto Exchange Bybit Barred From Brokering Securities in Brazil

In a declaratory act published on Monday, the Brazilian Securities and Exchange Commission (CVM) ordered the suspension of "the public offering of any securities intermediation services, directly or indirectly, including through the use of websites, applications or social networks" by ByBit to Brazilians. According to the CVM, ByBit was "seeking to raise funds from investors residing in Brazil for investments in securities," without the company having authorization to act as a securities intermediary. In Brazil, only Brazil’s stock exchange B3 can offer securities. The CVM added that ByBit must comply with the ban immediately or else the commission will impose a daily fine of 1,000 Brazilian reals (equivalent to $194).