Binance users must explain why crypto is moving abroad

From Nov. 1, Brazilian users making international crypto transfers through Binance will need to provide the purpose of the transaction and identify the type of counterparty receiving or sending the assets.

Binance explained that users may need to provide up to three pieces of information. The first is the purpose of the transfer. The second identifies the counterparty as an individual, company, bank, exchange, investment fund, nonprofit or another category. Corporate accounts must state whether the other company belongs to the same economic group.

Purpose codes come from classifications set by Brazil’s central bank. Examples include transfers between a person’s own accounts,…