Binance Imposes New Rules on Brazilian Users for International Crypto Transfers
Binance has announced new requirements for Brazilian users starting November 1. The exchange will now require users to provide the purpose of every international crypto transfer and identify the counterparty. This change aligns with Brazil’s foreign exchange rules, and Binance will report these operations to the country’s Central Bank monthly.
Users sending or receiving crypto from overseas must state the transfer’s purpose and identify the other party. Corporate accounts must also disclose if the counterparty is part of the same economic group. Binance clarified that this is not related to the Travel Rule, which will be implemented later for domestic and international transactions.
The process involves selecting a purpose from a Central Bank classification system. Transfers up to $50,000 have a simplified list of 10 purposes, while larger transactions require a complete list of 96 options. Additionally, transfers involving non-authorized foreign-exchange institutions are capped at $100,000 per transaction, though this limit may increase to $500,000.
The new rules will impact users moving assets between Binance and foreign accounts. Withdrawals cannot be processed until the questionnaire is completed, and deposits from abroad may remain pending or be returned if the required information is missing. Transfers to or from self-hosted wallets are exempt from the purpose requirement but must confirm ownership.