Binance Australia restores fiat access after two-year banking freeze

Binance has reinstated direct bank transfers in Australia nearly two years after being cut off from the local banking system.

Binance Australia users can now deposit and withdraw funds using bank transfers and PayID.

The service officially relaunched last Friday following a phased rollout to a limited group of users last year.

Binance said restricted fiat access had created ongoing friction for Australian crypto users.

“Seamless access and integration with traditional financial services directly affects participation, confidence, and trust in the market,”

Matt Poblocki said.

Poblocki added that limited banking access had slowed adoption across Australia’s digital asset ecosystem.

Industry surveys previously showed more than half of Australian users wanted easier, unrestricted fiat deposits.

Some users reported switching banks to gain better access to crypto services.

Binance Australia was abruptly debanked in 2023 after its payments provider withdrew support overnight.

Former regional manager Ben Rose said the reasons for the banking cut-off were unclear at the time.