- Binance Australia has restored direct deposits and withdrawals via PayID and bank transfers after more than two years of limited banking access.
- The feature is now open to all Australian customers following a phased rollout to a smaller group.
- Direct fiat on- and off-ramps return for the first time since mid-2023, when local banking links were cut.
- The company did not name the banks or payment providers that now support the rails, nor disclose transaction limits.
- The move follows regulatory scrutiny, the 2023 wind-down of its derivatives business, and a late-2024 civil filing by ASIC.
Binance Australia has reopened direct deposits and withdrawals for Australian users, restoring PayID and bank-transfer access that had been restricted since mid-2023. The company said the capability is now available to all customers after a phased rollout and attributed the change to internal compliance and operational work. For a view of the original image used with the announcement, see the featured image.
Users can move funds between their bank accounts and the exchange in Australian dollars, restoring a real-time payments option that includes PayID. Prior to the return of these rails, many customers could only fund accounts by debit or credit card, which raised costs and limited flexibility compared with rivals that retained PayID access.
The company did not identify which banks or payment providers support the renewed fiat channels, and it did not say whether transaction limits apply. Binance described the rollout as the result of internal compliance and operational work rather than any specific regulatory clearance.
Matt Poblocki, general manager for Australia and New Zealand at Binance, said in a statement, “Access and integration with traditional financial services directly affects participation, confidence, and trust in the market. Without it, both investors and exchanges face unnecessary barriers that can slow adoption and limit the growth of Australia’s digital asset ecosystem.”
The return of bank rails follows a turbulent period for the firm in Australia, including the shutdown of its derivatives business in 2023 and regulatory action. In late 2024, ASIC filed civil penalty proceedings alleging the derivatives arm misclassified hundreds of retail clients as wholesale. For an embedded market tool that accompanied the original article, see the market widget.
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