This article is adapted from CoinDesk Brasil, a partnership between CoinDesk and InfoMoney, one of Brazil's leading financial news publications. Follow CoinDesk Brasil on Twitter.

Singapore-based cryptocurrency exchange Bybit will stop offering crypto futures and options in Brazil on Thursday after a ban was imposed on Bybit by Brazil’s Securities and Exchange Commission (CVM) last week.

In a statement, Bybit said it is talking with the CVM to resolve the issue. Meanwhile, the company added, it is “limiting derivatives trading as of this moment.”

Bybit's platform currently displays a message warning about the change and recommending users to “manage their positions and/or orders before” Thursday. The company added that the measure “will not imply any kind of blocking of derivatives assets deposited by our traders.”

Bybit did not respond when asked whether users' open derivatives positions will be automatically closed on Wednesday.

The exchange added that other crypto products offered in Brazil – such as spot market asset trading – continue to function normally, “in compliance with the appropriate local regulations.”

Last week, the CVM stated that Bybit was “seeking to raise funds from investors residing in Brazil for investments in securities,” without the company having authorization to act as a securities intermediary, as only Brazil’s stock exchange B3 is allowed to offer securities there.

This article was translated by Andrés Engler, and edited by CoinDesk. The original Portuguese can be found here.