Binance Reopens Instant Bank Transfers for Australia After 2 Years

[Ben Graham]

Binance Australia has reopened direct bank transfers for Australian users, allowing verified customers to deposit and withdraw Australian dollars (AUD) via PayID and standard bank transfers after more than two years without these services. This change reinstates real-time fund movement between local bank accounts and the Binance platform, removing a major hurdle that Australian traders faced since mid-2023.

PayID is a widely used domestic payment method in Australia that lets users send money using a phone number, email address, or ABN instead of long bank account details.

Now Australian customers can move funds into and out of Binance more quickly and at a lower cost than before.

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

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Australia Vs Binance: History of the Banking Freeze and Bank Transfers Impact

This is the first time since mid‑2023 that Binance has offered direct “on‑ramps” and “off‑ramps.”  The freeze started after Binance lost local banking partners amid fraud and compliance worries. Restoring PayID puts Binance back in the race and supports its broader push toward Binance’s institutional shift.

Binance’s direct bank access in Australia was cut off when its local fiat payment partner stopped supporting AUD transactions in 2023. At that time, users were suddenly unable to deposit or withdraw AUD via the banking system and had to rely on options like debit or credit cards, peer-to-peer trading, or third-party gateways, all of which could involve higher fees and more steps.

Fellow Binancians,

We regret to inform you that with immediate effect we are unable to facilitate PayID AUD deposits for Binance users due to a decision made by our third party payment service provider. We understand from our third party payment service provider that Bank…

— Binance Australia (@Binance_AUS) May 18, 2023

During this period, local competitors such as CoinSpot and Swyftx continued offering PayID and bank transfers, helping them attract Australian users frustrated by Binance’s lack of direct fiat support.

The new rollout was staged, starting with a limited user group before being made available to all verified users. Binance says customer feedback and compliance checks helped shape the phased launch.

This also fits a wider trend. Banks and exchanges are slowly reconnecting after years of caution. We see it globally with more crypto banking services entering regulated lanes.

This comeback does not erase Binance’s regulatory history in Australia.

AUSTRAC, the country’s financial intelligence agency, ordered Binance’s local arm to appoint an independent auditor after identifying concerns with anti-money-laundering and counter-terrorism financing controls.

Even as Binance reconnects with the banking system, users still need to complete verification and meet compliance standards to use AUD banking features.

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Meanwhile, Cryptocurrency Adoption in Australia Continues to Grow

With Binance bringing back bank transfers, Australia remains one of the more active crypto markets. What was once viewed with doubt is now widely used as both an investment and a payment option. Thousands of digital assets are traded globally, with Bitcoin BTC $93,147.85 2.54% Bitcoin BTC Price $93,147.85 2.54% /24h Volume in 24h $30.16B Price 7d Learn more , Ethereum ETH $3,211.63 2.82% Ethereum ETH Price $3,211.63 2.82% /24h Volume in 24h $18.87B Price 7d Learn more , and Tether leading by market value.

Crypto trading has grown steadily across Australia, driven by rising interest in digital assets and frustration with traditional banking services. Surveys show that almost one in three Australian adults now owns some form of cryptocurrency, highlighting how mainstream the market has become. Trading volumes on exchanges have increased, alongside strong growth in crypto wallet app downloads such as MetaMask.

(Source: statista)

Bitcoin remains the most widely held asset among Australian investors, but Ethereum and Dogecoin DOGE $0.1279 7.61% Dogecoin DOGE Price $0.1279 7.61% /24h Volume in 24h $1.82B Price 7d Learn more are also common, with many users holding more than one cryptocurrency. For most Australians, the main reasons for investing are long-term portfolio growth and curiosity about new financial systems. Many crypto holders also point to dissatisfaction with banks, citing high fees and low savings rates as ongoing concerns.

Binance restoring instant AUD bank transfers is timely. Easier access to exchanges supports a market that is already active and growing.

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