Binance Restores Direct Bank Transfers in Australia After Two-Year Banking Freeze

Key Takeaways

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  Binance Australia has reinstated direct bank transfers and PayID deposits, ending a two-year interruption to fiat accessibility.
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  This relaunch follows a new partnership with Bolt Financial Group and a carefully implemented, compliance-focused rollout.
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  Binance executives emphasize that robust fiat infrastructure will be crucial for future expansion, particularly as regulatory clarity improves leading into 2026.

Fiat Gateway Reopens

Cryptocurrency exchange Binance has reinstated direct bank transfers in Australia, reopening a critical fiat gateway for local users almost two years after being disconnected from the country's banking system. Binance Australia users can now deposit and withdraw Australian dollars via bank transfer and PayID, representing a significant step in reconnecting traditional finance with digital assets in the region.

The relaunch follows a phased rollout that commenced with a select group of users last year and is part of a new partnership with payments provider Bolt Financial Group. Binance Australia and New Zealand general manager Matt Poblocki stated that fiat on- and off-ramps remain a "vital connection" between traditional finance and crypto, contributing to increased confidence, participation, and long-term adoption.

Impact of Limited Fiat Access on Adoption

Binance Australia lost access to local banking services in 2023 after its third-party payments provider, Cuscal, withdrew its support. At the time, Binance executives indicated that the decision was made abruptly and without a clear explanation. Cuscal later clarified that the action was part of broader initiatives to mitigate scams and fraud, adding that it would continue to terminate relationships with clients who did not meet its compliance standards.

The cessation of bank transfers compelled Binance Australia users to resort to debit and credit cards or crypto-only transactions, creating friction for retail users. A survey conducted during that period revealed that 58% of respondents desired unlimited, easy fiat deposits, while 22% reported switching banks specifically to access crypto services.

Binance Focuses on Fiat Ahead of 2026

According to Poblocki, the reintroduction of bank transfers was the result of months dedicated to compliance enhancements, gathering user feedback, and conducting system testing to ensure a seamless experience for Binance's hundreds of thousands of Australian customers. Speaking on the Binance's Beach Weekly podcast, Poblocki noted that the exchange views 2026 as a pivotal year, anticipated to be shaped by regulatory clarity and more robust integration with traditional finance.

"Fiat is our foundation now,"

he remarked, adding that Binance intends to accelerate the rollout of new features by closely monitoring user needs as regulatory certainty increases.