Binance has informed its Brazilian users that starting November 1, they must state the purpose of every crypto transfer to or from outside Brazil and identify the counterparty. The exchange will report these operations monthly to Brazil’s Central Bank, bringing international crypto transfers under Brazil’s foreign exchange rules. Transfers up to $50,000 will have a simplified list of 10 purposes, while those exceeding this threshold require selection from 96 options, with no generic “others” category available. Withdrawals cannot be submitted until the questionnaire is completed, and deposits from abroad may remain pending or be returned if the required information is not provided. International transfers with counterparties not authorized by Brazil’s foreign exchange market are capped at $100,000 per transaction, a limit Binance says may later rise to $500,000.
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