Bybit is giving a group of Brazilian business users until Aug. 21 to finish additional verification, warning that accounts that miss the cutoff will be locked out of most trading activity and, from Sept. 21, face forced liquidation of positions and automatic conversion of unsupported fiat balances to USDT. The exchange began sending the requests through in-app notifications and email on Aug. 1, and the clock is now ticking.
Who got the notice
The requirement applies only to business users who received a request to supplement existing Business Verification information. It's not a blanket rule for every corporate account, and Bybit hasn't explained why certain accounts were singled out. The notice also doesn't say how many accounts are affected, and it doesn't specify the cutoff hour on Aug. 21. Users who complete the checks can keep using permitted products, though anything not locally allowed stays restricted.
What happens after the deadline
Once the deadline passes, noncompliant accounts can't open or add positions, and lose access to most products and services. Crypto withdrawals and Convert remain available, but with limitations. Starting Sept. 21, Bybit will force-liquidate positions, convert unsupported fiat balances to USDT, and forfeit coupons or bonuses that don't comply with local rules.
The notice doesn't identify which products are restricted or which fiat currencies count as unsupported — a gap that leaves affected users guessing about the full scope of the conversion.
The Sept. 24 migration
The verification push sits directly ahead of a planned Sept. 24 migration, when eligible compliant Brazilian individual and business users move to a Brazil-based entity. Existing main accounts become Standard Accounts with only approved products. Under the new entity, fiat services support only BRL, a notable shift for users who may have held other currencies.
Brazilian nationals living outside Brazil are excluded from the migration if they can provide valid proof of a foreign address.
Regulatory backdrop
Brazil's central bank framework — Resolutions 519, 520 and 521, effective Feb. 2 — covers authorization, supervision, monitoring, operating standards, customer protection, governance, security, disclosure and AML controls. Bybit says the migration aligns with local requirements, though the notice doesn't state whether the Brazilian entity has actually obtained central bank authorization.
That's the unresolved question. Bybit hasn't said, and with the migration set for Sept. 24, users moving to the new entity may want that answered before they're transferred.
