Binance Restores Bank Transfers in Australia After Two Year Freeze

Binance has brought back direct bank transfers in Australia, ending a two year gap in local fiat access. Binance Australia users can once again deposit and withdraw Australian dollars using bank transfer and PayID. The rollout began quietly with a limited group of users last year before expanding more widely.

The move marks a major shift after Binance was cut off from the local banking system in 2023. Since then, Australian users had limited ways to move money in and out of the platform.

In 2023, the exchange was notified overnight that it would lose access to banking services. Former regional manager Ben Rose said at the time that the reasons were unclear. Binance Australia later confirmed that it halted AUD deposits and withdrawals and removed all AUD trading pairs.

The third party payments provider Cuscal pulled support and declined to give specific reasons. Cuscal later said it was working to reduce fraud risk and would cut off clients that failed to meet its compliance standards.

As a result, Binance users in Australia were left using debit cards, credit cards, or crypto transfers only. That change raised costs and slowed activity. Industry leaders said the lack of simple bank access created friction for everyday users.

Demand for Fiat Access Remained High

Last September, local crypto executives said banking limits were still a major issue across the sector. A survey released at the time showed that 58% of users wanted easy deposit access with no limits. Another 22% said they changed banks just to buy crypto more easily.

Binance Australia general manager Matt Poblocki said the lack of fiat access put up barriers and slowed growth. He said the return of bank transfers removes one of the biggest obstacles for users entering or staying in the market.

The new service is supported through a partnership with Bolt Financial Group, which now provides local payment rails for Binance Australia.

Compliance Focus and 2026 Outlook

Poblocki said the return of bank transfers followed a careful rollout process. He said Binance gathered user feedback, strengthened compliance systems, and refined the payment flow before expanding access to hundreds of thousands of users.

Speaking on Binance Beach Weekly on Friday, Poblocki said the next phase for the exchange is tied to regulation. He said 2026 will focus on regulatory consistency and certainty. He added that fiat access is now the base layer for Binance’s plans in Australia, with more products expected once that base is stable.