Binance Tightens Rules on Brazilian Users' Cross-Border Crypto Transfers

Binance is introducing stricter rules for Brazilian users' cross-border cryptocurrency transfers starting November 1. The new requirements include submitting the purpose of a transaction and counterparty information for cross-border virtual-asset transfers.

Users will need to complete a related questionnaire before requesting withdrawals, and deposits may be put on hold or returned to the sender if the required information is not submitted.

The move follows a resolution from Brazil's central bank, which requires Binance to report cross-border virtual-asset transaction details every month.

For cross-border virtual-asset transfers of $50,000 or less, users must choose from 10 categories describing the purpose of the transaction, while transfers exceeding $50,000 require selecting from 96 categories.

Additionally, some cross-border virtual-asset transfers will be capped at $100,000 when the counterparty is an entity not authorized in Brazil's foreign-exchange market.