CVM issues warning of irregularities involving Zero Markets Brasil and five additional companies

CVM Order and Daily Fine of R$1,000

The Brazilian Securities and Exchange Commission (CVM) issued a notice of misconduct to Zero Markets Brasil Consultoria e Análise de Valores Mobiliários Ltda. Five other companies associated with the platform are also being investigated by the regulator. All of these companies offer crypto assets.

The entities named include Zero Markets Brasil Consultoria e Análise de Valores Mobiliários Ltda., Zero Securities PTY LTD, Zero Markets LLC, Zero Markets (NZ) Limited, Zero Financial PTY LTD, and Zero Financial LTD.

The CVM’s Superintendence of Market and Intermediary Relations (SMI) uncovered evidence that these companies use the Zero Markets brand and present themselves as operators of www.zeromarkets.com/br. Including social media profiles, these platforms target Brazilian residents for securities trading. The order mandates an immediate suspension of all public offers for securities brokerage services by Zero Markets. In addition to financial assets like the dollar and euro, the company also provides cryptocurrency trading.

By Declaratory Act CVM 22.733, the regulator ordered these companies to immediately halt any public offering of securities brokerage services, directly or indirectly, including via websites, apps, or social media, because they are not part of the distribution system outlined in Article 11 of Law 6,385.

If Zero Markets Brasil and the other listed entities do not comply with CVM’s order, daily fines could reach R$1,000. The regulator urges Brazilian investors who receive investment proposals from these companies to contact CVM through its Citizen Service (SAC). When submitting a report, it is important to provide as many details as possible about the offer and, if possible, identify the individuals involved.

Zero Markets Displays Notice of No CVM Authorization

The Zero Markets website displays a notice stating: “ZERO Markets is not authorized by the Brazilian Securities and Exchange Commission (CVM) to directly offer brokerage and/or distribution services for securities issued abroad to investors residing in the Federative Republic of Brazil. Therefore, no reference made here should be understood as a direct offer of services to these investors by Zero Markets.”

This disclosure demonstrates the company’s awareness of the regulatory restrictions in Brazil, yet it continued to target Brazilian investors.

Multiple Jurisdictions

Currently, each company listed by CVM is registered in a different jurisdiction. ZERO Markets (NZ) Limited, for example, is regulated and licensed by the Financial Markets Authority (FMA) in New Zealand, and only issues and provides derivatives to New Zealand residents.

ZERO Securities Pty Ltd is regulated by the Australian Securities and Investments Commission. Another entity is authorized only in Mauritius, while Markets LLC is registered with the FSA in Saint Vincent and the Grenadines.

According to company disclosures, its services are unavailable to residents of certain jurisdictions, including Afghanistan, Cuba, Iraq, Iran, Liberia, Libya, Myanmar, Palestine, Russia, Somalia, Syria, Sudan, Yemen, Spain, the European Union, Malaysia, Indonesia, Vietnam, Thailand, and the United States, as well as any jurisdictions listed on FATF, EU, or UN sanctions lists. Nevertheless, the company’s multi-jurisdictional structure has raised questions regarding its simultaneous operations across regions with differing regulations.

FAQ

What happened to Zero Markets?

Zero Markets was cited for regulatory violations and flagged by the CVM alongside five other companies. The platform suspended operations to address compliance issues. Investors should exercise caution and monitor official communications regarding possible regularization or closure.

Which brokers are authorized by CVM?

The CVM (Brazilian Securities and Exchange Commission) approves brokers that adhere to strict regulatory standards. For cryptocurrency trading, refer to the official CVM website for the current list of registered and authorized institutions in this sector.

What irregularities did CVM identify at Zero Markets Brasil?

CVM found operational violations at Zero Markets Brasil, including weaknesses in internal controls, insufficient compliance procedures, and business practices not aligned with Brazilian capital markets regulation.

What should I do as a Zero Markets Brasil client after the CVM alert?

If you are a Zero Markets Brasil client, stay updated with official CVM and platform announcements. Review your holdings, document all transactions, and contact support for guidance on safeguarding your funds and investor rights.

What is the history of CVM warnings against brokers and investment firms?

CVM maintains a public record of warnings against unauthorized brokers and investment firms operating illegally. In 2025, CVM increased oversight of unregulated platforms and warned investors about fraud risks and irregular activities in the cryptocurrency sector.