Current outcome
From Nov. 1, Binance will require Brazilian users to declare the purpose and counterparty of cross-border crypto transfers, block withdrawals without the questionnaire, potentially return incomplete deposits, report transactions monthly to Brazil's central bank, and cap some transfers at $100,000 where the counterparty is not FX-authorized in Brazil.
Progress timeline
2 material updates- #01
Binance will hold some Brazil crypto deposits until users explain where the money came from
Binance will withhold certain Brazilian crypto deposits until users document the origin of the funds, tightening AML/source-of-funds checks on inbound transfers in that market.
Source evidence: CryptoRank · CryptoSlate · Cryptonews.net
- #02
Binance to Block Brazil Cross-Border Crypto Transfers From Nov. 1 Without Purpos
Added: withdrawals will be blocked without the completed questionnaire; incomplete deposits may remain pending or be returned; transfers up to $50,000 use a 10-purpose list while larger ones require one of 96 classifications; some transfers are capped at $100,000 if the counterparty is not FX-authorized in Brazil; transfers between Brazilian residents are unaffected.
State after update: From Nov. 1, Binance will require Brazilian users to declare the purpose and counterparty of cross-border crypto transfers, block withdrawals without the questionnaire, potentially return incomplete deposits, report transactions monthly to Brazil's central bank, and cap some transfers at $100,000 where the counterparty is not FX-authorized in Brazil.
Source evidence: wublockchainenglish