Binance will ask Brazilian users to provide the purpose and recipient details for cross-border crypto transfers from Nov. 1. Users must complete the details before making withdrawals. Deposits may be held or returned if the information is missing. Transfers between Brazilian users are not affected. Binance will report these transactions monthly to Brazil’s central bank. Transfers up to $50,000 will use 10 purpose options, while larger transfers will require one of 96 categories.
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