In an announcement on Monday, Brazilian Securities and Exchange Commission (CVM) said it was barring Singapore-based crypto exchange platform Bybit from security brokering in the nation. The CVM reasoned that the platform was planning to raise funding within the nation without following the proper procedure or authorization. Bybit’s offerings in securities have been suspended for all Brazilian citizens, both directly and indirectly through websites, apps, or social networks. This comes after last year Binance, another exchange platform, was barred from trading crypto derivatives last year for failing to adhere to Brazilian regulations.
