Bybit Deadline Looms for Brazilian Customers as Regulatory Compliance Takes Center Stage

The Bybit exchange has set a deadline for its Brazilian customers to update their account information. As of August 21, users must complete the required steps to verify their identity or business details in order to maintain access to the platform's products and services.

The update process is part of Bybit's migration plan to adapt to Brazil's regulatory framework for crypto assets. The exchange has informed its customers that failure to comply with the new requirements may result in restricted account access, including limitations on opening or adding new positions, accessing certain products, and making withdrawals.

On September 21, any remaining open positions in restricted products will be liquidated at market price. Unconverted fiat currencies will also be automatically converted to USDT ($1.00). By September 24, eligible and compliant accounts will be migrated to the Brazilian entity's structure, operating as standard accounts under the local regulations.