- Binance said it will require Brazilian users to submit the purpose of a transaction and counterparty information for cross-border virtual-asset transfers starting Nov. 1.
- Users must complete a related questionnaire before requesting withdrawals, while deposits may be put on hold or some transactions returned to the sender if the required information is not submitted.
- Binance said it will report cross-border virtual-asset transaction details every month under a resolution from Brazil’s central bank, and that some transactions with unauthorized entities will be capped at $100,000.
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Binance will require users in Brazil to provide the purpose of a…
