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CVM issues stop order for 4 cryptocurrency companies in Brazil
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The Securities and Exchange Commission (CVM) took action against cryptocurrency companies that offered unauthorized investments in Brazil, imposing a “stop order” to suspend their operations.
Last Tuesday (5), the municipality announced the suspension of four websites that attracted Brazilian investors for securities and cryptocurrency operations, violating current regulations.
Affected companies include Fxpro Group Limited, Fxpro Financial Services LTD, Fxpro UK Limited, Fxpro Global Markets LTD, Prime Ash Capital Limited and Pro Global LTD. According to the CVM, these companies are not permitted to intermediate securities or raise funds in Brazil. Even so, they used websites, including www.fxpro.com, to attract investors in the country.
In accordance with CVM Declaratory Act 22,700/2024, these companies must immediately cease any public offering of securities intermediation services.
Cryptocurrencies
This includes advertising through websites, applications and social networks. The CVM reinforced that the continuation of these activities will result in a daily fine of R$1,000, in addition to other sanctions provided for by Law No. 6,385/1976.
This CVM action occurs in a context of growing attention to the cryptocurrency market in Brazil, especially after the recent Operation Prophet, which dismantled a fraudulent investment scheme in cryptocurrencies and Forex, harming more than 10 thousand people.
The authority intensifies its vigilance to protect investors from irregular practices and, at the same time, seeks to improve the regulatory environment.
In addition to the restrictive measures, the CVM is also preparing new developments in the cryptocurrency sector. In the coming days, a public consultation will be opened to reformulate CVM Resolution 88, which regulates receivables tokens and other tokenized fixed income assets.
This change aims to strengthen the tokenization market, which has already generated more than R$1.3 billion in Brazil in its first year, as highlighted by Bernardo Srur, president of the Brazilian Cryptoeconomics Association (ABCripto).
ABCripto and CVM also collaborated to launch “ContraGolpe” in October, an educational tool that helps investors identify possible fraud in cryptocurrency offerings and digital investments.
CVM issues stop order for 4 cryptocurrency companies in Brazil
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CVM issues stop order for 4 cryptocurrency companies in Brazil
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CVM issues stop order for 4 cryptocurrency companies in Brazil
