- Binance has restored direct AUD bank and PayID transfers for Australian users.
- The feature was suspended in 2023 after the exchange lost banking support.
- Binance says fiat access will be a foundation for growth heading into 2026.
Binance has reopened direct bank transfers for Australian users, marking a significant shift after nearly two years of restricted access to the local banking system. The exchange confirmed last week that Australian customers can again deposit and withdraw Australian dollars using bank transfers and PayID, restoring a core service that had been missing since 2023.
The return of fiat on- and off-ramps removes a major pain point for local crypto users and signals renewed confidence in Binance’s ability to operate within Australia’s financial framework.
A Key On-Ramp Returns for Australian Users
Binance Australia said the relaunch follows a phased rollout that quietly began with a limited group of users last year. The wider release now gives hundreds of thousands of Australians a more direct path between traditional banking and digital assets.
According to Binance Australia and New Zealand general manager Matt Poblocki, fiat access plays a central role in user participation and trust. Limited banking support, he noted, created friction for everyday users and slowed broader adoption of crypto products. Reintroducing direct transfers removes one of the biggest barriers to entry for the local market.
The new setup is supported through a partnership with payments provider Bolt Financial Group, which Binance says enables secure and reliable AUD transactions.
Why Binance Lost Banking Access in 2023
Binance Australia abruptly lost bank transfer support in 2023 after its third-party payments provider withdrew services. At the time, the exchange discontinued AUD deposits, withdrawals, and trading pairs, leaving users to rely on cards or crypto-only transfers.
The payments provider later cited concerns around fraud prevention and compliance standards, reflecting a broader trend of Australian banks limiting exposure to crypto-related activity. Industry executives have repeatedly warned that such restrictions have pushed users to switch banks or seek alternative platforms to maintain access to digital assets.
A survey released last year underscored the issue: more than half of respondents said easy, unrestricted deposits were a top priority, while nearly a quarter had changed banks just to buy crypto.
A Measured Comeback Focused on Compliance
Binance says the return of bank transfers was not rushed. The company emphasized a deliberate rollout, incorporating user feedback while strengthening compliance controls and refining the overall experience.
That cautious approach reflects lessons learned from the 2023 shutdown and ongoing scrutiny of crypto exchanges worldwide. For Australian users, it also suggests Binance is aiming for durability rather than a short-term fix.
Also Read: Google Tightens Crypto App Rules in South Korea—Could Binance Be Blocked?
Looking ahead, Poblocki described fiat infrastructure as a cornerstone for Binance’s strategy into 2026. He pointed to regulatory clarity and consistency as critical themes for the next phase of market development.
With direct bank transfers back online, Binance appears positioned to rebuild momentum in Australia. For users, the change restores a familiar and efficient gateway into crypto—one that could help reignite activity in a market that has spent the past two years navigating unnecessary friction.
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 CoinBrief.io. Before making any investment decisions, you should always conduct your own research. CoinBrief.io is not responsible for any financial losses.
