Bybit is enforcing compliance with Brazilian central bank regulations by requiring business account holders to complete additional verification by Aug. 21. The exchange began sending verification requests in-app and by email starting Aug. 1.
Noncompliant accounts will face access restrictions beginning Sept. 21, when Bybit will liquidate positions at prevailing market prices and automatically convert unsupported fiat balances to USDT. Crypto withdrawals and the Convert function will remain available to restricted accounts during this period.
Enforcement Timeline
The deadline of Aug. 21 marks the cutoff for business users to submit required documentation. Accounts that fail verification will be unable to open new positions or access Bybit products as of Sept. 21, though existing positions will be liquidated automatically over that date and beyond.
On Sept. 24, Bybit will migrate eligible compliant Brazilian individual and business users to a Brazil-based entity. Under this entity, fiat services will support only Brazilian real (BRL).
Account Restrictions and Conversions
Noncompliant accounts will lose access to restricted products and the ability to add positions. Any coupons or bonuses that do not comply with local rules will be forfeited. Unsupported fiat currency balances will be automatically converted to USDT; Bybit did not specify which fiat currencies are classified as unsupported.
Brazilian nationals living outside the country are exempt from the migration if they provide valid proof of a foreign address.
Regulatory Framework
The enforcement aligns with Brazil’s central bank framework established under Resolutions 519, 520, and 521, which became effective Feb. 2. The Banco Central do Brasil framework places virtual-asset service providers under authorization, supervision, monitoring, operating standards, customer protection, governance, security, disclosure, and anti-money laundering controls.
Bybit did not disclose how many accounts are affected by the verification requirement or specify which products are subject to forced liquidation.
