Brazil Securities Commission narrows OnilX stop order to exclude intermediation of non-security cryptoassets

The Brazil Securities Commission (CVM) has issued a clarification to its earlier stop order against the Onil or OnilX group, stating that the measure does not prohibit the group from carrying out cryptoasset intermediation activities that fall outside the CVM’s regulatory perimeter. CVM’s Superintendence of Market and Intermediaries had previously warned, through a declaratory act dated 12 January 2026, of indications that the Onil/OnilX group and affiliated entities were offering securities without the required registration. Following an appeal, the CVM Board decided on 1 April 2026 to adjust the terms of the order to set clearer limits, and a new declaratory act now specifies that regular intermediation, purchase, sale, or exchange of cryptoassets that are not securities, including Bitcoin (BTC), Ethereum (ETH) and USDT, and the operation of a technology platform to support such activities, are not restricted. The clarification also reiterates that the group is not authorised by the CVM to distribute or intermediate securities, act as investment advisers, or manage portfolios, and notes that cryptoasset activities would be prohibited if linked to collective investment contracts, a promise of return, or other elements that bring them within CVM jurisdiction.