Bybit to force-liquidate Brazilian business crypto accounts from Sept. 21

The restriction phase is separate from the later enforcement date. Forced liquidation and automatic conversion of fiat balances begin on Sept. 21. Coupons or bonuses that do not comply with local rules will be forfeited. The notice does not identify the restricted products or unsupported fiat currencies.

Users who complete requested checks can continue using products permitted under Brazilian rules. Products that are not locally allowed will remain restricted. Under Bybit's new Brazilian entity, fiat services will support only the Brazilian real.

The Sept. 24 migration has a broader scope than the business-account enforcement process. From that date, eligible compliant Brazilian individual and business users are scheduled to move to the Brazil-based entity. Existing main accounts will become Standard Accounts and offer only products approved under local requirements. Brazilian nationals living outside the country are excluded if they provide valid proof of a foreign address.

Brazil's central bank framework now places virtual-asset service providers within authorization, supervision and monitoring rules. Banco Central do Brasil said Resolutions 519, 520 and 521, effective since Feb. 2, also cover operating standards, customer protection, governance, security, disclosure and anti-money laundering controls. Bybit says its migration is intended to align with local requirements. The public notice does not identify the Brazilian entity's authorization status.