Brazilian Securities Commission bans XM Global, a forex broker offering bitcoin options

The Brazilian Securities Commission (CVM) has banned a forex broker offering bitcoin (BTC) options. On September 25th, CVM issued a public warning about XM Global Limited's violations through the Market and Intermediary (SMI) relationship executive. CVM pointed out that XM does not have the right to operate in Brazil or to deal with customers living in Brazil. CVM ordered an immediate suspension of investment products in the foreign exchange or derivatives sector. If this condition is not met, the company will be fined 1,000 reais ($239) per day. According to reports, XM is a major trading platform, but Brazil prohibits the foreign exchange market, and no company is authorized to sell such options in the country. The company began offering bitcoin-dollar trading services in 2017.