Binance Australia has brought back fiat transfers after losing key banking access in 2023.
The exchange said Australian users can again make bank deposits and bank withdrawals, including PayID deposits and withdrawals.
The change took effect last Friday, based on a statement shared by the company. Binance said it began the relaunch with a small group of users last year, and it later expanded access.
Since mid 2023, many Binance Australia users could not use direct fiat transfers. Instead, they relied on debit and credit cards for fiat moves, or they used crypto deposits and withdrawals.
PayID Deposits and Bank Withdrawals Return for Binance Australia Users
Binance Australia said PayID and direct fiat transfers now support both deposits and withdrawals.
As a result, users can fund accounts through bank rails again, rather than only using card rails for fiat.
Matt Poblocki, Binance Australia and New Zealand general manager, said limited fiat access created friction for local users.
He said seamless links between fiat transfers and traditional finance affect “participation, confidence, and trust” in the market.
During a Friday episode of Binance Beach Weekly, Poblocki also spoke about the year ahead. He said 2026 will focus on “regulatory consistency and certainty,” and he added that “Fiat is our foundation now.”
Cuscal Cut Off Binance Australia in 2023, Leaving Card Rails as the Main Fiat Option
Binance Australia lost broad banking access in 2023 after its third party payments provider, Cuscal, pulled support.
A regional manager at the time, Ben Rose, said the team learned in the middle of the night that the exchange would be “cut off” from Australia’s banking system. He said the reasons were “not entirely clear.”
Cuscal did not explain why it ended support for Binance Australia. However, the provider later said it aimed to limit the impact of scams and fraud.
It also said it would keep ending relationships with clients that do not meet onboarding and compliance requirements.
After the debanking move, users still had options. They could use cards for fiat activity, or they could move funds through crypto deposits and withdrawals.
Still, the lack of direct fiat transfers remained a barrier for many users for about two years.
Binance Australia Says It Phased the Fiat Transfers Rollout and Tightened Compliance Controls
Poblocki said the relaunch of direct fiat transfers followed a phased process. He said Binance gathered feedback, strengthened compliance controls, and refined the user experience before widening access.
A survey released last September found 58% of respondents wanted easy exchange deposits with no limit. It also found 22% had changed banks to make buying crypto easier.
Binance did not add further details beyond the rollout comments.
However, the update centers on restoring PayID, bank deposits, and bank withdrawals for Binance Australia, after a long period shaped by debanking and tighter fiat access.
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Tatevik Avetisyan is an editor at Kriptoworld who covers emerging crypto trends, blockchain innovation, and altcoin developments. She is passionate about breaking down complex stories for a global audience and making digital finance more accessible.
📅 Published: January 19, 2026 • 🕓 Last updated: January 19, 2026
