Cryptocurrency Gets XM Global Banned In Brazil

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Cryptocurrency Gets XM Global Banned In Brazil

Reports have emerged that the broker, XM Global, has received a ban from the Brazilian Securities Commission (CVM) for illegally providing cryptocurrency (BTC) choices.

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The judgment came in September when the CVM passed a warning to citizens of Brazil regarding XM Global. They announced that the broker is not properly regulated to provide clients with cryptocurrency in the region.

Cryptocurrency trading has been under scrutiny in several locations and by many authorities. Bitcoin options seem enticing but they are dangerous and put investments at risk. Markets dealing with digital assets are volatile and lead to high loss of funds.

Possible Fine For XM Global

Brazil’s trading authority stated expressly that XM Global was to stop offering investment options. If this is not done, the company will be required to pay $240 every day it stays in the market flouting the mandate.

The authorities warned that citizens are to be careful as some other companies will try to offer them these options. Trading these assets is not allowed in the region and no properly licensed firm in this region is authorized to give access to trading this asset.

Scammers Use Cryptocurrency Fraud In Brazil

Digital assets trading has led to the loss of funds for several traders in Brazil. This is basically because like we mentioned, it is not regulated. Many con artists have chosen to operate under the radar of the authorities and scam many people.

It is majorly frowned upon but still continues to grow in popularity. There was a report early this year that there are more Bitcoin account owners that brokerage account owners in the country. Although Brazilian trading regulators have opined that they recognize this as a potential bug market, they still do not allow it.

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XM Global is the latest to be shot down by the bullets of criticism in South America. The broker is well known in the market for offering very competitive spreads and good trading conditions. Many traders choose it and it has clients from several countries. However, this offer of Bitcoins is frowned upon and they have been told to fold the tent of this operation.

Brazilian Securities Regulator Bans Local Bitcoin and Forex Broker XM Global Limited

The regulators in Brazil have banned XM Global Limited from the country. The company operated in the forex and crypto market before the decision was made by the Brazilian Securities Commission (CVM).

According to reports from Cointelegraph Brasil, the CVM ordered the immediate suspension of all the company’s activities in the country in both the forex and derivatives space. Curiously, if the company does not comply with the decision, it will have to pay a daily fine of $1,000 BRL (around $240 USD), which should be almost nothing compared to the profits of the company.

What caused the problems wasn’t anything related to crypto, however. Forex trading is not allowed in Brazil, so no company can offer investments in this market legally. XM Global operated illegally in the country, probably knowing that its services would not be compliant with the locals.

If the company does not cease to offer its products, it may eventually suffer more sanctions, although. XM Global is a very popular platform around the world and has been operating in Brazil since 2020.

There are three companies that are currently being investigated by the CVM right now: Blue Benx, NYC Technology and A2 Trader. All of them are accused of being pyramid schemes and to be linked to illegal multi-marketing schemes. As they are linked to highly illegal operations, they are far more likely to receive harsher sanctions than just fines, though.

Brazilian Securities Regulator Bans Bitcoin, Forex Broker

The Brazilian Securities Commission (CVM) has banned a forex broker offering Bitcoin (BTC) options, Cointelegraph Brasil reported on Sept. 25.

On Sept. 25, CVM published a public warning of irregular action concerning XM Global Limited through the Superintendent of Market and Intermediary (SMI) Relations. In its warning, the CVM states that XM Global Limited is not authorized to operate in Brazil or deal with customers residing there.

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