Brazilian Securities Commission Bans Forex Broker Providing BTC Options

The Brazilian Securities Commission (CVM) has prohibited a forex broker providing Bitcoin (BTC) options, local news outlet reported on September 25.

On September 25, CVM posted a public warning of investment offerings of XM Global Limited through the Superintendent of Market and Intermediary (SMI) Relations.

In its notice, the CVM says that XM Global Limited isn’t approved to operate in Brazil or manage clients residing there.

The CVM requested the quick suspension of investment offerings in the forex or derivatives space. In case the condition isn’t met, the company will be fined 1,000 reals ($239) every day.

According to the report, though XM is a major trading platform, the forex market is prohibited in Brazil and no firm is approved to sell these kinds of options in the nation. The firm began trading Bitcoin against the dollar in 2017.

As previously reported at the end of August, Thailand’s securities regulator has likewise cautioned the public about schemes acting like legitimate cryptocurrency trading companies operating overseas.

Zambian Securities and Exchange Commission CEO Philip Chitalu cautioned the public in August that the maker of the OnyxCoin digital currency, Kwakoo, isn’t authorized to offer investment advice or solicit funds from inside and outside the nation.