Binance Australia restores AUD bank transfers and PayID after banking cutoff
Binance Australia has reactivated direct AUD fiat on-ramps — including bank transfers and PayID deposits/withdrawals — after being cut off from the Australian banking system in 2023. The service returned via a phased rollout that began with a limited pilot last year and reopened to all local users last week through a new partnership with Bolt Financial Group. Binance Australia & New Zealand GM Matt Poblocki said restoring fiat rails removes a major friction point that previously forced users to rely on debit/credit cards or crypto-only transfers, increasing participation and confidence. He added that stable fiat rails will underpin product development into 2026 and stressed the need for regulatory consistency. The 2023 disruption followed payment partner Cuscal withdrawing support over fraud-control and compliance concerns, which had led to reduced AUD services and delisted AUD trading pairs. Binance says the relaunch uses enhanced compliance controls, UX refinements and a measured, staged approach with user feedback to ensure smooth onboarding for hundreds of thousands of local users.
Bullish
Restoring AUD bank transfers and PayID on Binance Australia reduces fiat access friction for local users, likely increasing on-exchange liquidity and trading volume for AUD pairs tied to Binance. In the short term, reopening fiat rails may prompt inflows as users move funds back from alternative channels (cards, crypto-only transfers) and relistings or improved AUD liquidity could tighten spreads, supporting modest upward pressure on traded assets. In the medium to long term, reliable fiat rails and a regulated, phased relaunch with stronger compliance should increase user confidence and onboarding, supporting sustained higher volumes. Risks remain — regulatory developments or renewed banking partner issues could reverse gains — but the immediate market effect for assets traded against AUD on Binance is likely net positive, hence a bullish view.