Binance Reinstates PayID and Bank Transfers for Australian Customers

Jimmy Aki
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Binance has restored direct fiat deposits and withdrawals in Australia, enabling users to send and receive money through bank transfers and PayID for the first time in over two years. This was made public in an official report from the cryptocurrency exchange.

Binance Australia Fiat Re-Launch Follows Limited Testing and Pilot Phase

The resumption ends a significant limitation for local customers. Banking support was withdrawn in mid-2023.

Since then, users relied on debit cards or crypto-only transfers, which were often slower and more costly. With direct banking restored, moving funds between personal accounts and the exchange is now simpler, addressing a major hurdle for everyday trading.

Binance said the rollout followed a phased approach. The exchange first opened access to a small group of users before expanding it nationwide.
According to the company, the limited launch helped test payment flows, confirm system stability, and tighten internal controls before making the service broadly available.

The restored setup allows standard bank transfers and PayID payments, a widely used system in Australia that enables near-instant transactions using simple identifiers such as a phone number or email address.

The renewed fiat channels are supported by Bolt Financial Group, which provides payments and banking-as-a-service infrastructure.

The reopening occurs after a challenging period for Binance’s Australian operations. AUSTRAC previously ordered an independent audit into the exchange’s anti-money-laundering and counter-terrorism financing systems, citing concerns about compliance processes.

At the same time, the Australian Securities and Investments Commission (ASIC) pursued civil action related to Binance’s former derivatives business, a case that further narrowed its local activities.

Matt Poblocki, general manager for Binance Australia and New Zealand, said restoring bank access is central to rebuilding user confidence.
While the change brings Binance closer to rivals that never lost real-time payment support, the exchange continues to operate under close regulatory scrutiny in Australia.

Australia Adjusts Crypto Rules as Market Access Improves

The return of fiat access for Binance comes as Australia makes broader adjustments to its approach to crypto regulation.
In recent months, ASIC has introduced changes aimed at making parts of the digital asset framework more practical, while keeping consumer protections intact.

One key update affects how stablecoins and wrapped tokens are handled.

Under the revised rules, eligible intermediaries can deal in approved products without needing separate financial services, markets, or clearing licences, provided certain conditions are met.

These include giving retail clients a Product Disclosure Statement when one is available from an eligible issuer.

The changes also reduce some transaction-based reporting requirements that previously applied even when an issuer played a limited role.

Additionally, ASIC is modernising its digital asset custody rules. The regulator has approved the use of pooled custody accounts (omnibus custody), which allow firms to hold multiple clients’ assets together, provided they maintain clear records and regularly reconcile balances.

About Jimmy Aki PRO INVESTOR

Based in the UK, Jimmy is an economic researcher with outstanding hands-on and heads-on experience in Macroeconomic finance analysis, forecasting and planning. He has honed his skills having worked cross-continental as a finance analyst, which gives him inter-cultural experience. He currently has a strong passion for regulation and macroeconomic trends as it allows him peek under the global bonnet to see how the world works.