
Last Tuesday (3), the Brazilian Securities and Exchange Commission issued a judgment on the crimes committed by Cláudio Oliveira, his partner and two of his companies. He was known as the “King of Bitcoin” and received a CVM fine of nine million two hundred and fifty thousand reais.
His partner Johnny Pablo Santos was fined one million eight hundred and fifty thousand reais. The companies “Bitcurrency Moedas Digitais SA” and “CLO Participações SA” were again fined R$18.5 million.
As a result, criminals in the national financial system were fined a total of R$48 million for offering unregistered products.
The director of the CVM and rapporteur of the case, João Accioly, announced his vote, which was ultimately accepted by the majority.
“I therefore vote for the conviction of the suspect, for offering securities without prior registration with the CVM or for his dismissal, in violation of art. 19, caput, and §5e, item I, of Law No. 6,385/1976, and Articles 2 and 4 of CVM Instruction No. 400/2003 on the penalties of fines.”
The CVM fine against King of Bitcoin has been increased due to aggravating facts
According to CVM members, several facts have aggravated the crimes committed by Cláudio Oliveira, his partner and their companies.
Among them, the “repeated practice of irregular behavior”, the great loss caused to the company’s investors and the significant benefit obtained by the offenders were taken into account. In addition, due to the existence of image damage in the securities market, the fine was increased by 25% each.
Despite the aggravating factors, the CVM analyzed the fact that they had good data as mitigating factors for the scammers, reducing the value of the final fine by 15%.
Crime that shocked Brazil
The committee’s analysis began in 2019, when the first signs of fraud began with the fall of the Bitcoin Banco Group. Headquartered in Curitiba, presenting itself as a cryptocurrency broker, the companies also offered investment products throughout Brazil.
And the crime shocked Brazil, as the leader of the scheme, Cláudio Oliveira, even advertised with the image of famous personalities.
In 2021, Cláudio Oliveira and his wife were arrested by the PF during Operation Daemon, when several of their luxury goods were seized.
Although he was sentenced to 8 years in prison, he has been free since early 2023 and is returning to public life. The CVM’s conviction indicates that crimes in the country will not go unpunished, especially when offering securities products.
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Source: Live Coins

Barry Siefert is an accomplished journalist and author at The Nation View. He is known for his expertise in the field of cryptocurrency, and has written extensively on the topic. With a background in finance and economics, Barry has a deep understanding of the underlying technology and market forces that drive the crypto industry.