Binance has informed users in Brazil that international crypto transfers will face new disclosure requirements starting on Nov. 1. For every transfer to or from outside the country, users will need to state the purpose of the transaction and identify the person or entity on the other side.

The exchange said these operations will be reported monthly to Brazil’s Central Bank as part of the country’s foreign-exchange framework. Binance also indicated that transactions will not be processed unless the required information is provided.

What changes on Nov. 1

According to Binance’s FAQ, the new process will apply when a user sends crypto abroad or receives it from overseas. Corporate accounts will face an additional disclosure requirement: they must indicate whether the counterparty belongs to the same economic group.

Binance said the measure is tied to Brazilian foreign-exchange rules rather than the Travel Rule. The company noted that the Travel Rule is expected to apply separately, first to domestic transactions in 2027 and then to international transactions in 2028.

Which transfers are covered

For this process, Binance considers a transfer international when the other party is outside Brazil or when a user moves their own assets between Brazil and an overseas account. Transfers between Brazilian residents, including transfers to a Brazil-based exchange, are not affected by the new requirement.

Users will have to select the purpose of a transfer from a Central Bank classification system. Transfers of up to $50,000 will use a simplified menu with 10 possible purposes. Above that threshold, users must choose from a full list of 96 options, and Binance said there is no catch-all “others” category for transfers over $50,000.

Limits, pending deposits and self-custody wallets

Binance said another restriction applies to international transfers involving counterparties that are not institutions authorized to operate in Brazil’s foreign-exchange market. Under the current rules, those transactions are capped at $100,000 per transfer, although the exchange said that limit could later be raised to $500,000.

In practical terms, outgoing transfers will not be submitted until the questionnaire is completed. Incoming transfers from abroad may remain pending and, in some cases, be returned to the sender if the necessary details are missing.

Self-hosted wallets are handled differently. Users do not need to provide a transfer purpose when sending crypto to or receiving it from their own wallet, but they must confirm that they control it. Binance said those transactions will still be reported to the Central Bank under a separate category.

What Binance says users should do

The exchange said the information provided must match the real reason for each transfer. If a user submits incorrect details, Binance said customer support can be contacted to correct the mistake.

The platform also said that only foreign exchanges that have been assessed under the Central Bank requirements will appear in the available exchange list. For Brazilian customers, the immediate impact is that every international crypto deposit and withdrawal on Binance will require the new information once the rules take effect on Nov. 1.

Source: cryptopotato.com