Binance will require Brazilian users to disclose the purpose of cross-border transfers and identify counterparties starting in November.
2 hours ago
Binance will require Brazilian users to disclose the purpose of cross-border crypto asset transfers and identify the type of counterparty starting November 1. Corporate accounts must also specify whether the counterparty belongs to the same economic group. Withdrawals cannot be submitted until the questionnaire is completed; deposits may remain pending, and transfers may be returned in some cases if information is incomplete. The rule applies to transfers with non-residents, including users’ own overseas exchange accounts, while transfers between Brazilian residents are not affected. Binance will submit monthly reports in accordance with Central Bank Resolution No. 521/2025. For amounts not exceeding $50,000, users will use a 10-item list; for larger amounts, they must select from 96 categories. If the counterparty is not authorized to operate Brazilian foreign exchange business, the transfer cap for such cases is $100,000. For self-custody wallets, only ownership confirmation is required. This requirement is separate from the Travel Rule, which is expected to cover domestic transactions in 2027 and cross-border transfers in 2028.
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