3 min read
Binance Australia has restored direct dollar deposits and withdrawals for local users, reopening PayID and bank-transfer access after more than two years of disruption to its 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 group in recent months.
Users can move funds between their bank accounts and Binance in Australian dollars, marking the first time since mid-2023 that the platform has offered direct fiat on and off-ramps in the market.
Australian banks have taken a cautious approach to crypto-related services in recent years, citing the well-worn narratives of fraud and compliance risks.
As a result, Binance’s Australian users had previously been limited to funding their accounts via debit or credit cards after local banking channels were cut, a restriction that raised costs and limited transaction flexibility compared with rival exchanges that retained PayID access.
PayID is an Australian real-time payments system that allows users to send and receive funds using an identifier such as a mobile number or email address, rather than a bank account number.
The return of real-time payments places 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 restricted access.
“Access and integration with traditional financial services directly affects participation, confidence, and trust in the market,” Binance Australia and New Zealand General Manager Matt Poblocki said in a statement. “Without it, both investors and exchanges face unnecessary barriers that can 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 a point of friction for some crypto users, with a majority of respondents expecting to fund exchange accounts without restrictions. A smaller share said they had switched banks to make purchasing digital assets easier.
Binance said the renewed fiat rails are supported by Bolt Financial Group, an Australian fintech that provides payments and banking-as-a-service infrastructure.
"The phased rollout reflects the safeguards we’ve put in place to meet both banking and regulatory expectations," a Binance spokesperson told Decrypt.
The rollout follows a turbulent period for Binance in Australia, during which regulatory scrutiny, the loss of local banking support, and the 2023 shutdown of its derivatives business significantly curtailed its operations in the market.
In late 2024, the country's financial regulator, ASIC, filed civil penalty proceedings alleging that the derivatives arm had misclassified hundreds of retail clients as wholesale, denying them consumer protections.
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