Binance Australia restores full AUD banking access after 2023 disruption

After months of limited options, crypto users in Australia are again seeing normal banking access to Binance as traditional rails come back online.

Binance restores AUD deposits and withdrawals in Australia

Binance has reinstated direct AUD deposit and withdrawal services for its Australian users, reconnecting traditional banking links that had been cut since mid-2023. The move restores a core fiat channel for the exchange‘s local customer base and marks a significant shift in its relationship with domestic payments infrastructure.

According to a Monday announcement, the service was officially relaunched for all verified users on January 16, 2026, after a phased rollout to selected customers in late 2025. Moreover, the renewed setup lets users fund and withdraw accounts using Australia’s real-time PayID system as well as standard BSB bank transfers, reinstating the most familiar on-ramp for local traders.

The suspension had lasted many months and forced customers to rely on debit and credit cards or peer-to-peer channels, which often came with higher fees and slower processing times. That said, those alternatives also raised concerns about convenience and accessibility for less experienced users trying to enter the digital asset market.

Why banking access matters for local adoption

“Access and integration with traditional financial services directly affects participation, confidence, and trust in the market,” said Matt Poblocki, General Manager of Binance Australia and New Zealand, in a media statement. However, he warned that without direct bank connectivity, both users and platforms face unnecessary limits that ultimately suppress cryptocurrency adoption.

With banking rails back in place, the company argues that friction for new entrants will fall and that trading activity could normalize relative to domestic rivals. The restoration of full fiat support for binance australia also comes as policymakers and regulators continue to debate how best to supervise crypto markets while keeping payments risks under control.

New local partner and compliance upgrades

The return of AUD services follows months of quiet testing with a smaller subset of Australian users and is now supported by a new local partner, Bolt Financial Group. Binance says it has upgraded its compliance framework to align more closely with banking expectations, including tighter anti-money laundering controls and clearer regulatory processes for customer due diligence.

Moreover, the exchange has stressed that these internal changes are designed to give banking partners greater assurance about transaction monitoring and risk management. While details remain limited, the partnership with Bolt Financial Group signals an attempt to rebuild trust after earlier disruptions to domestic payment flows.

How earlier payment cuts unfolded

Behind the scenes, payment provider Zepto previously withdrew support under pressure from its own banking partner, Cuscal. Zepto’s upstream bank reportedly ordered the termination as part of a sector-wide effort to tighten fraud controls. As a result, Binance quickly suspended all AUD trading pairs and PayID deposits, leaving users reliant on cards or crypto workarounds.

At the time, Binance Australia head Ben Rose said the exchange had been “cut off” overnight without clear reasoning from providers. That episode highlighted how concentrated dependence on a single payments channel can expose platforms and customers to abrupt disruptions, even when user demand remains strong.

Regulatory pressure from ASIC

Binance was already dealing with regulatory challenges in Australia when its banking links were severed. Previously, the exchange’s Australian derivatives arm surrendered its financial services license after the Australian Securities and Investments Commission (ASIC) found it had misclassified more than 500 retail clients as wholesale, removing key legal protections.

In the months that followed, ASIC filed civil penalty proceedings tied to the same client-classification issues, further complicating the company’s position in the country. Moreover, those actions intensified scrutiny of how exchanges assess customer sophistication and manage product risks, at a time when global regulators were already pressing for tougher standards.

Incentives and user sentiment for the relaunch

Now that the full banking rollout is complete, Binance is once again operating on par with local competitors that preserved uninterrupted access to domestic rails. To drive adoption of the restored AUD services, the exchange has launched a promotional campaign offering a 5 AUD token voucher to users who deposit at least 50 AUD via PayID or standard bank transfer.

Survey data released by Binance Australia last year suggests the return of banking support could meaningfully improve user sentiment. A majority of respondents said they expect unrestricted access to fund exchange accounts, while 22% reported they had switched banks specifically to streamline crypto purchases and avoid friction when moving money.

Global restructuring and Abu Dhabi hub

While the local banking rebound is still fresh, it sits within a broader global restructuring at the exchange. Last month, Binance secured full regulatory approval in Abu Dhabi, where executives said the jurisdiction will serve as its primary global operational base under the Abu Dhabi Global Market‘s oversight.

Furthermore, the company launched three separately licensed entities in Abu Dhabi to divide trading, custody, and broker services. This structure is intended to meet regulatory expectations around segregation of functions and risk management, while also giving institutional clients clearer lines of accountability as they evaluate counterparties.

Overall, the reinstatement of AUD deposits and withdrawals in Australia, along with compliance upgrades and a new payments partner, positions the exchange to compete more evenly with domestic platforms, even as regulatory and banking scrutiny remains intense.