Binance Australia has officially reinstated direct fiat deposits and withdrawals, marking a major turnaround nearly two years after the crypto exchange was cut off from the Australian banking system. The move allows local users to once again fund their accounts through bank transfers and PayID, significantly reducing friction for crypto participation in the country.
Since mid-2023, Binance Australia customers were limited to using debit or credit cards for fiat transactions, or relying solely on crypto transfers. This restriction followed the sudden withdrawal of banking support, which left many users frustrated and slowed crypto adoption across Australia.
The restored fiat services began rolling out to a small group of users late last year and were fully reintroduced last Friday. The update was confirmed in a press release shared with Cointelegraph on Monday.
Binance Australia and New Zealand General Manager Matt Poblocki described fiat on- and off-ramps as a crucial link between traditional finance and digital assets. He noted that limited access to fiat had created unnecessary barriers for users and held back growth in the local crypto ecosystem.
Through a new partnership with Bolt Financial Group, Binance Australia is now offering secure and reliable payment rails for its Australian customers. According to Poblocki, the rollout followed a cautious, phased approach focused on compliance, user feedback, and system resilience to ensure a smooth experience for hundreds of thousands of users.
Why Binance Australia Lost Banking Access in 2023
Binance Australia’s banking troubles began abruptly in 2023, when its team was informed overnight that the exchange would be cut off from the Australian banking system. At the time, former regional manager Ben Rose said the reasons were “not entirely clear.”
As a result, Binance Australia discontinued AUD deposits and withdrawals via bank transfer and removed all Australian dollar trading pairs. Its third-party payments provider, Cuscal, later stated that it was tightening controls to reduce scams and fraud, and would terminate relationships with clients that failed to meet compliance and onboarding standards.
Following the decision, Binance users were left with limited options: depositing or withdrawing funds via card payments or moving assets in and out using cryptocurrency only.
Industry feedback suggested the issue was not isolated to Binance. A survey released in September found that 58% of Australian crypto users wanted easy, unlimited exchange deposits, while 22% said they had switched banks just to access crypto services more easily.
Fiat Access Returns as Binance Looks Toward 2026
Speaking on a recent episode of Binance Beach Weekly, Poblocki said fiat access will play a foundational role in the company’s strategy moving forward. He emphasized that 2026 will be shaped by greater regulatory consistency and certainty across the crypto market.
According to Poblocki, restoring fiat rails is just the starting point. From this foundation, Binance plans to introduce additional products and services, guided more closely by user feedback and with faster market responsiveness.
The return of direct bank transfers is widely seen as a major win for Australian crypto users, removing a long-standing barrier and signaling renewed confidence between crypto exchanges and traditional financial infrastructure in the region.
