Crypto exchange Binance has reintroduced direct bank transfers in Australia, marking its return to the Australian banking system two years after being abruptly disconnected.
As of last Friday, Binance Australia has relaunched direct fiat bank and PayID deposits and withdrawals for its Australian users. This rollout began with a select group of users last year, according to a statement shared on Monday.
Matt Poblocki, Binance Australia and New Zealand general manager, stated that limited fiat access had created significant friction for local users attempting to participate in the digital asset ecosystem. He emphasized that its reinstatement has now removed a major barrier.
"Seamless access and integration with traditional financial services directly affects participation, confidence, and trust in the market," Poblocki added. "Without it, both investors and exchanges face unnecessary barriers that can slow adoption and limit the growth of Australia’s digital asset ecosystem."
Last September, industry executives, including Poblocki, informed Cointelegraph that users in Australia continued to face banking barriers when engaging with exchanges and other crypto businesses. A survey released at the time found that 58% of respondents desired easy access to deposit funds into an exchange without limits, while 22% had switched banks to simplify the process of buying cryptocurrency.
Binance Australia Was Cut Off From Banking in 2023
In 2023, Binance Australia’s team was informed overnight that the exchange would be “cut off” from Australia’s banking system. Ben Rose, the regional manager at the time, claimed the reasons for this decision were “not entirely clear.”
Cuscal, the third-party payments provider for Binance Australia, declined to provide specific details regarding its decision to withdraw support for the exchange. Later, the provider informed Cointelegraph in a statement that its aim was to limit the impact of scams and fraud and that it would continue to terminate clients who did not meet its onboarding and compliance requirements.
Following this, Binance Australia users were left with options to deposit or withdraw fiat funds using a debit or credit card, or by depositing or withdrawing cryptocurrency.
Poblocki explained that the current rollout of direct fiat transfers has been a carefully considered process, taking into account several factors.
“We have been deliberate in our phased approach, garnering feedback, fortifying our compliance controls, and refining the user experience to ensure a smooth rollout to our hundreds of thousands of local users,” he stated.
Cointelegraph reached out to Binance for further comment.
Binance Exec Calls Fiat a “Foundation” for 2026
During a Friday episode of the exchange’s podcast, Binance Beach Weekly, Poblocki discussed the future outlook for the crypto market. He stated that 2026 is anticipated to be characterized by two primary themes: “regulatory consistency and certainty for the market.”
He further elaborated, “Preempting 2026, I think Fiat is our foundation now, and from that foundation will be a lot of other things that we start bringing to the market, listening to our users, reacting and responding a lot more and probably faster as well.”