Binance Australia has restored direct Australian dollar deposits and withdrawals for local customers. The exchange reopened PayID and bank-transfer access after more than two years of disrupted banking services.
The feature is now available to all Australian users following a phased rollout earlier this year. Binance had limited funding to debit and credit cards when local banks cut ties.
PayID lets users send and receive funds using an identifier like a mobile number or email address (Ed. note: this enables near-instant transfers). The return of real-time payments reduces costs and narrows the gap with competing platforms.
Binance Australia did not name the banks or payment providers supporting the restored rails. It also did not disclose whether transaction limits apply, saying the change followed internal compliance and operational work, as stated.
The move follows regulatory scrutiny, the 2023 shutdown of the local derivatives business, and civil proceedings filed in late 2024 by ASIC. The regulator alleges the derivatives arm misclassified hundreds of retail clients as wholesale.
“Access and integration with traditional financial services directly affects participation, confidence, and trust in the market,” said Matt Poblocki, general manager for Australia and New Zealand. A company survey found many users still view fiat on-ramps as a pain point, and some respondents said they switched banks to buy digital assets, according to data.
