Crypto exchange Binance has reintroduced direct bank transfer services in Australia, nearly two years after the platform was effectively cut off from the country’s banking system.
The move marks a significant step toward restoring full fiat functionality for Australian users following prolonged restrictions that began in mid-2023.
Relaunch of Fiat Services
As of last Friday, Binance Australia has relaunched direct fiat deposits and withdrawals, including support for PayID and standard bank transfers, allowing users to move Australian dollars (AUD) directly between their bank accounts and the exchange.
According to multiple reports published around January 18, the service became fully available to verified users in January 2026, following a phased reintroduction late last year.
The return of PayID is particularly notable, as it enables real-time deposits, restoring instant fiat on-ramps and off-ramps that had been unavailable to Australian customers for nearly two years.
Binance confirmed that AUD services were initially tested with a limited group of users in late 2025 before being rolled out more broadly. The latest expansion now covers all verified Australian users, signaling a full reversal of earlier restrictions.
Background of Restrictions
Binance’s banking services in Australia were disrupted in June 2023, when the exchange lost access to local banking partners, forcing it to suspend AUD deposits and withdrawals.
Since then, users have been limited to alternative methods such as debit and credit cards, peer-to-peer transactions, or third-party payment providers, often facing higher fees and slower settlement times.
Impact and Future Outlook
The restoration of direct bank transfers is expected to significantly improve user experience and liquidity on the platform.
It also reflects Binance’s efforts to rebuild local infrastructure and compliance arrangements in key markets following increased regulatory scrutiny globally.
While Binance has not disclosed the specific banking partners involved in the relaunch, the exchange said the restored services are designed to provide Australian users with a seamless and familiar fiat gateway, comparable to what was available before the 2023 disruption.
The development comes as Australia continues to refine its regulatory approach to digital assets, with policymakers weighing clearer frameworks for crypto exchanges and payment services.
Binance’s successful reintroduction of bank transfers suggests improving operational stability in the market and renewed confidence in serving Australian customers under evolving regulatory conditions.