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- Binance Australia has restored bank transfers and PayID for fiat deposits and withdrawals.
- Users had been limited to cards and crypto-only transfers since mid-2023.
- The move signals renewed focus on fiat access and regulatory stability.
Binance has reopened a critical gateway for Australian crypto users, restoring direct bank transfers nearly two years after losing access to the country’s banking system. The move marks a significant shift for local traders who have faced limited fiat options since mid-2023.
As of last Friday, Binance Australia users can again deposit and withdraw Australian dollars through direct bank transfers and PayID. The feature had been gradually rolled out to a small group of users over the past year, before being made broadly available, according to the exchange.
A Key Barrier Finally Removed for Local Users
For much of the past two years, Binance customers in Australia could only move fiat funds using debit or credit cards, or by transferring crypto directly. That restriction created friction, particularly for users looking to move larger sums or avoid card fees.
Binance Australia and New Zealand general manager Matt Poblocki said restoring fiat on- and off-ramps was essential for rebuilding user confidence. Direct access to the banking system, he noted, acts as a bridge between traditional finance and digital assets, enabling wider participation in the crypto market.
Industry surveys conducted last year highlighted the scale of the problem. A majority of respondents said they wanted unrestricted, easy ways to fund exchange accounts, while a notable share reported switching banks just to buy crypto.
What Led to the 2023 Cutoff
Binance Australia’s banking access was abruptly severed in 2023 when its local payments provider withdrew support, forcing the exchange to halt AUD bank transfers and trading pairs. At the time, Binance executives said the reasons were unclear, though banks across Australia had increasingly restricted services linked to crypto platforms.
Also Read: Binance’s Limited Freeze of Upbit Hack Funds Raises Global Coordination Questions
The payments provider later cited concerns around scams, fraud, and compliance standards, stating it would continue to end relationships that failed to meet its requirements. The episode left Binance users with limited options and became a high-profile example of “debanking” pressures in the crypto sector.
New Partner, Phased Rollout
The restored service comes through a new partnership with Bolt Financial Group. Poblocki said the relaunch followed a cautious, phased approach that focused on compliance controls and user feedback before scaling to hundreds of thousands of local users.
The exchange says this measured rollout was designed to ensure stability and reliability, avoiding the disruptions seen in the past.
Fiat as a Strategic Priority
Looking ahead, Binance sees fiat access as more than just a convenience. In a recent podcast appearance, Poblocki described fiat rails as the foundation for the exchange’s next phase, particularly as the industry moves toward clearer and more consistent regulation.
For Australian users, the return of bank transfers signals a practical win—lower friction, more choice, and a sign that traditional finance and crypto may be finding firmer ground together.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
