Binance will hold some Brazil crypto deposits until users explain where the money came from

Binance will require Brazilian users to provide additional information for cross-border crypto transfers starting Nov. 1.

The exchange said customers sending crypto abroad or receiving it from nonresidents must disclose the purpose of each transfer and identify the counterparty type. Corporate accounts must also say whether the other party belongs to the same economic group.

Binance will report the transactions monthly to Brazil’s central bank under Resolution BCB No. 521/2025, which brings international virtual-asset transfers into the country’s foreign-exchange framework.

The requirement creates a new compliance checkpoint for cross-border crypto flows. Withdrawals cannot be submitted until the questionnaire is completed, while incoming deposits can remain pending and, in some cases, be returned if users fail to provide the required information.

The rules apply to individuals and companies transferring crypto to or from nonresidents, including customers moving assets to their own accounts on foreign exchanges. Transfers between Brazilian residents are unaffected.

They arrive as Brazil broadens its oversight of a crypto market that Chainalysis estimated handled $252.5 billion between July 2025 and June 2026. Brazil ranked first overall in the firm’s 2026 adoption index and second for cross-border flows, though activity contracted 1.6% during the period.