Crypto exchange Binance has reintroduced direct bank transfers in Australia, two years after it was cut off from the country’s banking system.
Binance Australia was cut off from banking in 2023. The team was informed in the middle of the night that its banking access would be terminated.
Binance Reopens PayID, Fiat Deposits
As of last Friday, users can again make direct fiat bank and PayID deposits and withdrawals. The rollout began with a small group of users last year, according to a statement shared with Cointelegraph.
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Matt Poblocki, general manager of Binance Australia and New Zealand, said limited access to fiat banking had created challenges for local users. Its reinstatement has removed a significant barrier.
“Seamless 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,” he said.
Users Regain Bank Options on Binance
Industry executives said in last September that Australian users still faced banking hurdles when engaging with crypto exchanges. A survey released at the time found 58% of respondents wanted unrestricted access to deposit funds into an exchange Exchange An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv Read this Term, while 22% had switched banks to make buying crypto easier.
The third-party payments provider for Binance Australia, Cuscal, did not provide a specific reason for ending support. It later said it was working to limit scams and fraud and would continue to terminate clients that did not meet onboarding and compliance Compliance In finance, banking, investing, and insurance compliance refers to following the rules or orders set down by the government regulatory authority, either as providing a service or processing a transaction. Compliance concerning finance would also be a state of being following established guidelines or specifications. This designation can also encompass efforts to ensure that organizations are abiding by both industry regulations and government legislation. Understanding ComplianceCompliance is a In finance, banking, investing, and insurance compliance refers to following the rules or orders set down by the government regulatory authority, either as providing a service or processing a transaction. Compliance concerning finance would also be a state of being following established guidelines or specifications. This designation can also encompass efforts to ensure that organizations are abiding by both industry regulations and government legislation. Understanding ComplianceCompliance is a Read this Term requirements.
During the period without bank access, users could only deposit or withdraw funds via debit or credit cards, or by using cryptocurrency.
Binance Faces Court Case in Australia
Binance Australia has faced regulatory challenges in recent years. In late 2024, the Australian Securities and Investments Commission launched legal proceedings against Binance Australia Derivatives, alleging misclassification of retail clients as wholesale investors and exposing them to high-risk crypto derivatives.
The regulator said over 500 clients suffered financial losses, and Binance paid approximately $13 million in compensation.
