Binance Imposes New Rules on Brazilian Crypto Transfers

Binance has announced new requirements for Brazilian users starting November 1. The exchange will now require users to specify the purpose of every international cryptocurrency transfer and identify the counterparty involved. These details will be reported to Brazil’s Central Bank on a monthly basis, aligning international crypto transfers with the country’s foreign exchange regulations.

The changes apply to both deposits and withdrawals involving overseas accounts. Users must choose a purpose from a predefined list provided by the Central Bank. Transfers up to $50,000 have a simplified list of 10 purposes, while larger transactions require selecting from a more detailed list of 96 options. Binance emphasizes that there is no generic “others” option for transfers exceeding $50,000.

Additionally, international transfers with counterparties not authorized in Brazil’s foreign-exchange market are currently capped at $100,000 per transaction, though Binance notes this limit may increase to $500,000 in the future. Transfers between Brazilian residents or self-hosted wallets are exempt from these new requirements, but ownership must still be confirmed for self-hosted transactions.

Binance stresses that these measures are separate from the upcoming Travel Rule, which will apply to both domestic and international transactions in 2027 and 2028, respectively. The exchange also advises users to ensure the accuracy of the information provided, with the option to contact customer support for corrections.