Bybit mandates verification for Brazilian business users

Cryptocurrency exchange Bybit has issued a notice to specific business users in Brazil, requiring them to complete additional identity verification by August 21. This requirement applies only to corporate users who received individual requests via email or in-app notifications starting August 1 to supplement existing business verification information.

Accounts that fail to meet the deadline will first face access restrictions, preventing users from opening or adding new positions. While crypto withdrawals and the ‘Convert’ feature remain available under certain limitations, other services will be restricted.

Starting September 21, non-compliant accounts will face further enforcement, including the forced liquidation of remaining positions on restricted products at prevailing market prices. Additionally, unsupported fiat balances will be automatically converted to USDT, and any coupons or bonuses that do not comply with local regulations will be forfeited.

These measures follow the implementation of Central Bank of Brazil resolutions 519, 520, and 521. Furthermore, Bybit plans to transition eligible Brazilian individual and corporate users to a local entity on September 24, moving them to ‘Standard Accounts’ that handle only locally approved products and limit fiat services to the Brazilian Real.