Bluebenx and its president are convicted of irregular cryptocurrency offering by CVM

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Bluebenx and its president are convicted of irregular cryptocurrency offering by CVM
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The Securities and Exchange Commission (CVM) unanimously sentenced the company Bluebenx and its partner and president, Roberto Cardassi, to pay fines totaling R$750,000.

The agency imposed the penalty due to the public offering of securities (cryptocurrencies) without due registration with the regulator. Bluebenx received a fine of R$400,000, while Cardassi will have to pay R$350,000 in fines.

The CVM board issued the decision, with the process being reported by director Otto Lobo. His vote was accompanied by CVM president João Pedro do Nascimento and directors Marina Copola and João Accioly.

According to the indictment, Bluebenx maintained a website where it presented itself as a company that offered “a safe alternative for leveraging income with digital assets and high performance”.

Accusations against Bluebenx

Furthermore, the company claimed to invest in the global cryptocurrency market with “strategy and security.” The CVM’s technical department concluded that the products Bluebenx offered were, in fact, “Collective Investment Contracts (CIC),” and that the company made these offers through its website and social media.

According to the agency, even after the CVM issued official letters warning about the irregularity of the public offering, the company continued to make its products available on the internet. Thus, the prosecution concluded that Bluebenx violated the legislation governing the distribution of securities in Brazil, in accordance with the provisions of Law No. 6,385/76 and CVM Instruction No. 400.

During the trial, Bluebenx’s lawyer, Arthur Costa, argued that the company has always sought to maintain its regular activities. He also highlighted the lack of specific legislation for the cryptocurrency market. Costa also stated that Bluebenx followed the CVM’s guidelines, as far as possible, with the aim of ceasing the public offering and removing related advertising. In addition, he recalled that the company tried to sign terms of commitment with the autarchy – which the CVM refused.

Despite the defense, director Otto Lobo, the rapporteur of the case, considered that there was a “repeated” practice of irregular conduct on the part of the company. In addition to the conviction and fines, Lobo ordered that the case be forwarded to the Public Prosecutor’s Office of São Paulo for possible legal developments.

Bluebenx and its president are convicted of irregular cryptocurrency offering by CVM

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Bluebenx and its president are convicted of irregular cryptocurrency offering by CVM

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Bluebenx and its president are convicted of irregular cryptocurrency offering by CVM

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