Binance Australia has reintroduced direct fiat bank transfers and PayID deposits after a banking hiatus that began when the country’s banking access was cut off in 2023. The rollout started with a small group of users last year and, as of last Friday, customers can once again make direct fiat bank and PayID deposits and withdrawals. Matt Poblocki, the general manager of Binance Australia and New Zealand, said that the previous limited access to fiat banking had created challenges for local users, and the reinstatement has removed a significant barrier. He noted that seamless access to 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.
During the period without bank access, users could only deposit or withdraw funds via debit or credit cards, or by using cryptocurrency. The third-party payments provider for Binance Australia, Cuscal, did not provide a specific reason for ending support. Cuscal previously cut support, citing fraud prevention and compliance requirements, leaving card or crypto options. It later said it was working to limit scams and fraud and would continue to terminate clients that did not meet onboarding and compliance requirements.
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