Binance Australia has relaunched direct bank and PayID deposits and withdrawals for local users, restarting service last Friday after being effectively “cut off” from Australia’s banking system two years earlier, the exchange announced. The change aims to remove a major barrier that limited fiat access and slowed participation in the digital-asset market.
The rollout followed a phased pilot with a small group of users last year, the firm said. Matt Poblocki, general manager for Binance Australia and New Zealand, warned that limited fiat access created friction and said, “Seamless access and integration with traditional financial services directly affects participation, confidence, and trust in the market.”
In 2023 the local team learned overnight that the platform would be severed from the banking system; former regional manager Ben Rose called the reasons “not entirely clear.” Cuscal, the third-party payments provider, later cited efforts to limit scams and fraud and noted it would terminate clients not meeting compliance standards.
Users had relied on debit or credit cards and crypto transfers while direct bank rails were unavailable. Poblocki described the restart as measured and compliance-focused, saying, “We have been deliberate in our phased approach, garnering feedback, fortifying our compliance controls, and refining the user experience to ensure a smooth rollout to our hundreds of thousands of local users,” and added on Binance Beach Weekly (as stated) that “Fiat is our foundation now.”
