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Bybit to enforce forced liquidation for some Brazilian business accounts
Bybit says affected accounts must complete requested business verification by Aug. 21, after which access restrictions start, and forced market liquidation begins Sept. 21.
Bybit has set a timeline for some Brazilian business crypto accounts that were asked to complete additional verification steps, with enforcement moving from verification deadlines to trading access limits and later forced liquidation.
According to a notice cited by CryptoSlate, accounts that miss the requested update by Aug. 21 could first face access restrictions, then, starting Sept. 21, have remaining positions on restricted products force-liquidated at prevailing market prices. The exchange also said unsupported fiat balances that users have not converted themselves would be automatically converted to USDT, and noncompliant coupons or bonuses could be forfeited.
Bybit said the Aug. 21 deadline applies only to business users who received an in-app or email request to supplement existing Business Verification information, and it did not provide a cutoff hour or specify how many accounts are affected. It also said the account restriction phase would not stop crypto withdrawals and access to Convert, though Convert remains subject to limitations.
In the notice, Bybit added that users who complete the requested checks can continue using products permitted under Brazilian rules, while products not locally allowed would remain restricted, and that fiat services under its new Brazilian entity would support only BRL. The company also referenced a separate Sept. 24 migration for eligible compliant Brazilian users to a Brazil-based entity, with existing main accounts converted to Standard Accounts offering only products approved under local requirements.