Binance Australia has resumed direct dollar deposits and withdrawals and restored access to PayID and bank transfers for local users after more than two years of suspension of banking services in the country.
The exchange said the feature is now available to all Australian customers after a gradual rollout to smaller user groups in recent months.
Users will be able to transfer funds in Australian dollars between bank accounts and Binance, marking the first time since mid-2023 that the platform will offer a direct fiat on-off ramp to the market.
Australian banks have taken a cautious approach to crypto-related services in recent years, citing tired lore about fraud and compliance risks.
As a result, Binance’s Australian users were previously restricted to funding their accounts via debit or credit cards after local banking channels were cut off, but this restriction increased costs and limited trading flexibility compared to competing exchanges that maintained PayID access.
PayID is Australia’s real-time payments system that allows users to send and receive funds using identifiers such as mobile phone numbers and email addresses, rather than bank account numbers.
The return of real-time payments brings Binance closer to parity with its competitors operating in Australia, removing operational hurdles that weighed on user activity and market share during the restricted period.
“Access to and integration with traditional financial services has a direct impact on market participation, trust and confidence,” Matt Poblocki, Binance’s Australia and New Zealand general manager, said in a statement. “Without it, both investors and exchanges could face unnecessary barriers, delay 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 a point of friction for some crypto users, with the majority of respondents expecting to fund their exchange accounts without restrictions. A smaller percentage said they had changed banks to facilitate the purchase of digital assets.
The company did not disclose which banks or payment providers support the updated statutory rails or whether transaction restrictions apply. The company also did not link the development to any specific regulatory approvals, saying the move was the result of internal compliance and operational work.
This development could mean regulatory oversight, loss of local bank support, and Closed in 2023 The downsizing of the derivatives business has resulted in a significant reduction in market operations.
In late 2024, the country’s financial regulator ASIC brought civil penalty proceedings against the derivatives division for misclassifying hundreds of retail customers as wholesale and denying them consumer protections.
Binance Australia had no further comment beyond the statement.
