Binance Imposes New Rules on Brazilian Crypto Transfers
Binance is implementing stricter controls for cross-border cryptocurrency transfers involving Brazilian users starting November 1. The exchange will require users to provide the purpose of the transaction and details about the counterparty before processing some deposits and withdrawals. This change aligns with Brazil's Resolution BCB No. 521/2025, which integrates international virtual-asset transfers into the country's foreign exchange framework.
Under the new rules, withdrawals cannot be submitted without the required information, while some incoming deposits may remain pending until details are provided. Transfers between Brazilian residents are unaffected, but international transfers must comply with foreign exchange reporting rules. For transactions exceeding $50,000, users must choose from a list of 96 purpose codes instead of a simplified ten-code list. Additionally, a $100,000 per-transfer cap applies when foreign counterparties lack authorization in Brazil’s FX market framework.
Binance emphasized that the new questionnaire is distinct from Brazil’s upcoming Travel Rule, which will be implemented in phases starting in 2027. The exchange will report the gathered information to Brazil’s central bank monthly. The company also hinted at forthcoming details about the “transfer of operations to Brazil,” though no specifics were provided.