Cryptocurrency exchange Bybit has been ordered by the Brazilian Securities and Exchange Commission ("CVM") to stop brokering securities in the country.The CVM pointed out that Bybit was looking to "raise funds from investors residing in Brazil for investments in securities" without authorization to act as a securities intermediary, according to a recently published statement.As a result, the CVM prohibited the Singapore-based company from the "broadcasting of any public offer of securities intermediation services, directly or indirectly, including through the use of internet pages, applications or social networks."If Bybit fails to comply, then the commission will impose a daily fine of 1K Brazilian reals (US$194).Bybit did not immediately respond to a request for comment by Seeking Alpha.In June, Bybit got hit with enforcement actions by Canada's financial watchdog.
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