Bity Exits Brazil: Bitybank Goes To Mercado Bitcoin,…
By Rick Steves
AI summary of the source article
Bity is shutting down its Brazilian cryptocurrency services, impacting roughly 850,000 users and over R$1 billion under custody. Customers must actively manage their accounts across different deadlines: Bitybank users have until November 25 to withdraw, sell, or migrate holdings to Mercado Bitcoin. BityPreço clients have until November 27 to withdraw assets or accept migration to Bipa, after which remaining crypto will be automatically converted to reais and made available for withdrawal until April 2, 2027. Neither migration path is mandatory. The move coincides with Central Bank Resolution BCB 520 amendments barring authorized financial institutions from servicing unauthorized crypto providers starting November 6.
Why it matters
Bity's departure adds to an accelerating wave of crypto exchange consolidation in Brazil as tightening central bank regulations restrict banking access for unauthorized providers.
Key facts
- Bity reports around 850,000 users and more than R$1 billion under custody across its business.
- Bitybank users have until November 25 to act or migrate to Mercado Bitcoin, while BityPreço users have until November 27 to migrate to Bipa before crypto is converted to reais.
- Resolution BCB 520, amended by Resolution BCB 589, prohibits authorized institutions from facilitating crypto operations with unauthorized providers starting November 6.