Binance imposes new crypto transfer rules for Brazilian users

Starting November 1, Binance will require users in Brazil to specify the purpose and counterparty for every crypto transfer to or from foreign countries. The exchange announced this change to Brazilian clients on October 2, with industry publications reporting the update. Users who fail to complete the questionnaire will be unable to process withdrawals, while deposits from abroad will be held in suspense and may be returned in some cases.

The new rules apply to individuals and businesses transferring crypto to non-residents or receiving it from them, including transfers to personal accounts on foreign exchanges. Domestic transfers within Brazil remain unchanged. For amounts up to $50,000, users can select from a simplified list of ten purposes, while transfers exceeding that threshold require choosing from 96 classifications. For transfers to personal accounts abroad, the purpose and counterparty details are pre-filled for confirmation. Businesses must also declare whether the counterparty belongs to the same economic group.

Self-custody wallets follow a separate process: users only need to confirm ownership, and Binance will report these transactions to the central bank in a distinct category. Additionally, some international transfers are capped at $100,000 per transaction if the counterparty is not authorized in Brazil's foreign exchange market.

Binance will report all transactions monthly to Brazil's central bank under Resolução BCB 521/2025, which integrates virtual asset international transfers into the country's foreign exchange regime. The exchange clarified that this is not the Travel Rule, which will be phased in by 2028 for international operations. Starting January 1, 2027, Resolução BCB 584 will introduce precautionary suspensions to delay certain outgoing transfers for additional checks. Binance has promised further details before November 1.