Forced liquidations begin in 30 days for business crypto accounts missing new verification rules on Bybit
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Bybit, a major CEX, told Brazilian business users to complete additional Business Verification by Aug. 21 or face access restrictions and warned that from Sept. 21 noncompliant accounts will have remaining positions force-liquidated at market price and unsupported fiat balances converted to USDT. The exchange will migrate eligible users to a Brazil-based entity on Sept. 24 to align with Banco Central Resolutions 519–521 (effective Feb. 2), but its notice omits how many accounts are affected and the new entity’s authorization status, raising compliance and market-risk concerns for crypto users in Brazil.
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Bybit has given some Brazilian business users until Aug. 21 to complete additional verification. Accounts that miss a requested update will first face access restrictions, then, from Sept. 21, could have remaining positions on restricted products forcibly liquidated at market prices and unsupported fiat balances converted to USDT.
The deadline applies only to business users who received a request to supplement existing Business Verification information, according to Bybit’s notice.
Bybit began sending those requests in-app and by email from Aug. 1. Recipients must follow the deadline in their individual notification and finish no later than Aug. 21 unless the company specifies otherwise. The public notice does not give a cutoff hour, disclose how many accounts are affected or show a visible revision history.
Bybit restrictions come before forced action
Following the applicable deadline, an affected account that remains noncompliant will be placed under restriction. It will no longer be able to open or add positions or access Bybit products and services, with two stated exceptions: crypto withdrawals and Convert, which remains subject to limitations.
That restriction phase is separate from the later enforcement date. Forced liquidation, automatic conversion and bonus forfeiture begin on Sept. 21 rather than at a specified time on Aug. 21.
From Sept. 21, Bybit says remaining open positions on restricted products in affected noncompliant accounts will be force-liquidated at the prevailing market price. Unsupported fiat balances that users have not converted themselves will be automatically converted to USDT, while coupons or bonuses that do not comply with local rules will be forfeited. The notice does not identify the restricted products or unsupported fiat currencies.
Users who complete requested checks can continue using products permitted under Brazilian rules, while products that are not locally allowed will remain restricted. Under Bybit’s new Brazilian entity, fiat services will support only the Brazilian real, or BRL.
The Sept. 24 migration has a broader scope than the business-account enforcement process. From that date, eligible compliant Brazilian individual and business users are scheduled to move to the Brazil-based entity. Existing main accounts will become Standard Accounts and offer only products approved under local requirements. Brazilian nationals living outside the country are excluded if they provide valid proof of a foreign address.
Brazil’s central bank framework now places virtual-asset service providers within authorization, supervision and monitoring rules. Banco Central do Brasil said Resolutions 519, 520 and 521, effective since Feb. 2, also cover operating standards, customer protection, governance, security, disclosure and anti-money laundering controls. Bybit says its migration is intended to align with local requirements, but its public notice does not identify the Brazilian entity’s authorization status.
The post Forced liquidations begin in 30 days for business crypto accounts missing new verification rules on Bybit appeared first on CryptoSlate.
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