In short
- This move allows customers to allocate funds via PayID and bank transfer for the first time since mid-2023.
- Binance has not identified which banks or payment providers support the revamped fiat channels.
- The rollout follows regulatory scrutiny and the wind-down of the company’s Australian derivatives business.
Binance Australia has restored instant dollar deposits and withdrawals for local users and reopened access to PayID and wire transfers after more than two years of disruption to banking services in the country.
The exchange said the functionality is now available to all Australian customers following a phased rollout to a smaller user base in recent months.
Users can transfer funds between their bank accounts and Binance in Australian dollars, marking the first time the platform has offered direct fiat on- and off-ramps to the market since mid-2023.
Australian banks have taken a cautious approach to crypto-related services in recent years, citing well-worn narratives about fraud and compliance risks.
As a result, Binance’s Australian users were previously limited to funding their accounts via debit or credit cards after local banking channels were shut down, a restriction that increased costs and limited transaction flexibility compared to competing exchanges that retained PayID access.
PayID is an Australian real-time payment system that allows users to send and receive money using an identifier such as a mobile number or email address, instead of a bank account number.
The return of real-time payments puts Binance closer to parity with competitors operating in Australia and removes an operational hurdle that weighed on user activity and market share during the period of limited access.
“Access and integration with traditional financial services directly impacts participation, trust and confidence in the market,” Matt Poblocki, managing director of Binance Australia and New Zealand, said in a statement. “Without this, both investors and exchanges face unnecessary barriers that could slow adoption and limit the growth of Australia’s digital asset ecosystem.”
A survey commissioned by Binance Australia found that access to fiat on- and off-ramps remains an issue for some crypto users, with a majority of respondents expecting to be able to fund exchange accounts without restrictions. A smaller proportion said they had switched banks to make buying digital assets easier.
The company has not disclosed which banks or payment providers support the updated fiat rails, nor whether transaction limits will apply. It also did not link the rollout to any specific regulatory approval, describing the move as the result of internal compliance and operational work.
The rollout follows a turbulent period for Binance in Australia, which saw regulatory scrutiny, the loss of support from local banks and the 2023 closure of its derivatives activities has significantly limited its activities in the market.
In late 2024, the country’s financial regulator, ASIC, initiated civil penalty proceedings, alleging that the derivatives arm had wrongly classified hundreds of retail clients as wholesale clients, depriving them of consumer protections.
Binance Australia did not provide any additional comment beyond its statement.
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