The Brazilian Securities Commission (CVM) published a warning on September 20th, 2019 regarding international broker XM Global Limited. The warning concerns offering Forex services to brazilian residents, which are currently banned under brazilian law.
The CVM has indicated that it will fine the company 1,000 reals ($239) per day if it does not cease offering it services to brazilian residents, although it is unclear how the CVM can accomplish this task.
Such situations are becoming more frequent as regulatory requirements and restrictions take shape in developing countries. Brokers should be aware of all local and national restrictions in the regions they operate in.