Binance Brings Back Fiat Services In Australia After Two Year Freeze Era

TLDR

Table of Contents

Binance Australia restored bank transfers and PayID after losing fiat access in mid-2023.
Bolt Financial Group now provides payment rails for Binance users in Australia.
The exchange removed AUD trading pairs after banks cut support in 2023.
Direct deposits and withdrawals are rolling out to Australian users this week.

After two years without direct banking access, Binance Australia has restored local fiat services. The move ends a long period where users relied on cards or crypto transfers only. The exchange confirmed the return of bank transfers and PayID support through a new payments partner. This change marks a shift for Australian users who faced limits and delays. It also signals renewed cooperation between crypto platforms and payment providers in the local market.

Binance Restores Bank Transfers and PayID Access

Binance confirmed that Australian users can now deposit and withdraw funds through direct bank transfers and PayID. The service became available to a group of users last week. The company plans a wider rollout across the country.

The exchange said the service is live through a partnership with Bolt Financial Group. The firm will handle payment processing and settlement services. Binance stated that the setup meets local compliance and security standards.

AUD deposits & withdrawals are back on Binance AU 🇦🇺
PayID or BSB. Fast. Simple. Secure.
Deposit AUD & start trading 👉 https://t.co/jLZ5yeJr55 pic.twitter.com/46xO7Mdfjn
— Binance Australia (@Binance_AUS) January 19, 2026

Binance Australia and New Zealand general manager Matt Poblocki said fiat services remain important for users. He told Cointelegraph that fiat on and off ramps form a “vital connection between traditional finance and digital assets.” He added that these services help support user access and confidence.

The company said the absence of bank rails created friction for many traders. Users often faced delays and higher fees when using cards. Some also relied on third-party payment tools to move funds.

Two-Year Banking Gap Followed Industry Pressure

Binance Australia lost banking access in mid-2023. At the time, the exchange was informed overnight that local banking services would stop. Former regional manager Ben Rose said the reasons were unclear.

Binance later stated that banks in Australia restricted services tied to crypto platforms. These actions affected deposits, withdrawals, and local trading pairs. As a result, Binance removed AUD trading pairs and halted bank transfers.

The company’s payment provider at the time, Cuscal, ended its relationship with Binance. Cuscal did not give detailed reasons for the decision. The firm later said it aimed to reduce risks tied to scams and fraud.

During this period, Binance users relied on debit cards, credit cards, and crypto transfers. These options often came with limits and processing delays. Some users also faced higher transaction costs.

Australian Users Faced Ongoing Access Barriers

Industry leaders said banking access remained a challenge in Australia during 2024. Several exchanges reported similar problems with payment services. Many firms relied on smaller providers to keep services running.

A survey released last year showed strong demand for easier fiat access. Around 58% of respondents wanted simple deposit options without limits. About 22% said they changed banks to buy crypto more easily.

These figures reflect the pressure on users during the banking gap. Some traders paused activity due to payment delays. Others used overseas platforms to avoid local limits.

Binance said the restored services should reduce these issues. The company expects faster processing and better reliability. It also aims to support more users across the country.

Payment Partner Signals Shift in Local Support

The partnership with Bolt Financial Group marks a new phase for Binance Australia. The company said Bolt provides secure payment rails and local settlement tools. Binance stated that the setup supports real-time deposits and withdrawals.

Poblocki said the exchange worked with local partners to restore services. He noted that cooperation with payment firms is key for market access. He added that the company plans to expand support during 2026.

The return of fiat services also aligns with broader industry trends. Other platforms continue to seek stable banking links. Payment access remains a key factor for user growth and trading activity.

Binance said it will monitor performance during the rollout phase. The company plans to add more features tied to local payments. It also said it will keep working with regulators and partners to maintain service continuity.

The restored access ends a long disruption for Binance Australia users. It also reflects changing attitudes toward crypto payments in the region. The market now waits to see if other exchanges will follow similar paths.