Binance Australia has reintroduced direct bank transfers after being cut off from the Australian banking system in 2023. The exchange has relaunched direct fiat bank and PayID deposits and withdrawals for Australian users, aiming to remove barriers and support broad user participation in the digital asset ecosystem.

The reintroduction of fiat payment rails through a partnership with Bolt Financial Group will provide secure and reliable options for the Australian community. Binance Australia had faced challenges with limited fiat access, hindering user participation in the digital asset space. The move is expected to boost adoption and growth in the country.

Binance Australia’s team was informed in 2023 that the exchange would be “cut off” from Australia’s banking system, with reasons unclear. Third-party payments provider Cuscal declined to elaborate on the decision but mentioned efforts to limit scams and fraud. Users were left with limited options for fiat deposits and withdrawals until the recent reintroduction.

Binance executive Matt Poblocki emphasized the importance of fiat as a “foundation” for the exchange in 2026, focusing on regulatory consistency and market certainty. The move to reintroduce direct fiat transfers has been a measured process, considering compliance controls and user feedback to ensure a smooth rollout for local users.

Read more at Cointelegraph: Binance Australia Restores Direct Bank and PayID Transfers for User