The Brazil Securities Commission (CVM) issued Deliberation CVM 896 ordering Mercado Bitcoin Serviços Digitais Ltda to immediately suspend activities that constitute securities intermediation, after identifying the offering and broking of collective investment contract opportunities on www.mercadobitcoin.com.br without CVM authorisation. The action relates to digital-asset tokens backed by financial flows from credit rights assigned by a Credit Rights Investment Fund (FIDC). CVM found that the company was offering and intermediating investments in tokens backed by consortia quota receivables. Of 32 tokens that have not yet matured, 11 were identified as available for trading on the site, including MBCCSH04, MBCCSH05, MBCCSH06, MBCCSH08, MBCCSH09, RFDCS18, RFDCS19, RFDCS20, RFDCS24, RFDCS25 and RFDCS26, with estimated maturities spanning 31 August 2025 to 29 November 2030. The suspension order applies to the firm and its partners, officers, administrators and agents, and also covers purchases and sales of securities that characterise intermediation activity. If the determination is not followed, CVM indicated it may impose a daily coercive fine of BRL 100,000 and apply other penalties under Article 11 of Law 6,385, without prejudice to liability for violations already committed. CVM also encouraged investors who receive proposals related to these assets to report details through its citizen service channel to enable supervisory action.

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