Binance Restores Australian Bank Transfers After Two-Year Banking Freeze - Brave New Coin

Binance Australia has officially reopened direct bank transfers for users across the country, ending a two-year period where customers could not deposit or withdraw Australian dollars through traditional banking channels.

The restoration marks a significant turning point for Binance’s Australian operations, which were abruptly disconnected from the banking system in May 2023. During the suspension, users had to rely on debit and credit cards or peer-to-peer trading methods, which typically came with higher fees and slower processing times.

The 2023 Banking Cutoff

In May 2023, Binance Australia users discovered they could no longer deposit Australian dollars via PayID. By June 1, 2023, the exchange had suspended all AUD trading pairs entirely. The cutoff happened overnight, leaving customers scrambling for alternatives.

Behind the scenes, payment provider Zepto had terminated its services under pressure from its banking partner, Cuscal. The banking provider had implemented stricter merchant guidelines for cryptocurrency exchanges, citing concerns about fraud and scams. According to industry reports, Cuscal required 24-hour holds on first-time payments, real-time identity verification, and transaction limits that many exchanges found difficult to meet.

Source: @Binance_AUS

Ben Rose, who served as Binance Australia’s regional manager at the time, stated the exchange was “cut off” without clear reasoning from the payment providers. The sudden disconnection forced Binance to operate without direct fiat on-ramps for nearly three years, putting it at a disadvantage against local competitors like CoinSpot and Swyftx that maintained their banking relationships.

New Payment Partner and Phased Rollout

Binance’s return to the Australian banking system comes through a partnership with Bolt Financial Group, an Australian fintech company that provides payments and banking-as-a-service infrastructure. The exchange tested the new system with a limited group of users throughout late 2025 before expanding access to all verified customers.

Matt Poblocki, General Manager of Binance Australia and New Zealand, emphasized the importance of the restoration in a statement. “Access and integration with traditional financial services directly affects participation, confidence, and trust in the market,” Poblocki said. He added that the exchange took a deliberate approach to ensure smooth implementation.

The relaunch supports both PayID, Australia’s real-time payment system that uses mobile numbers or email addresses for transfers, and traditional BSB bank transfers. Users can now move funds between their bank accounts and Binance instantly through PayID or via standard clearing times with regular bank transfers.

Regulatory Scrutiny and Compliance Improvements

The banking restoration comes amid increased regulatory attention on Binance’s Australian operations. In August 2025, the Australian Transaction Reports and Analysis Centre (AUSTRAC) ordered the exchange to appoint an external auditor to review its anti-money laundering and counter-terrorism financing controls.

AUSTRAC cited concerns about high employee turnover at Binance Australia, insufficient local resources, and limited senior management oversight. The financial intelligence agency gave Binance 28 days to nominate independent auditors for regulatory approval.

“Big global operators may appear well resourced and positioned to meet complex regulatory requirements, but if they don’t understand local money laundering and terrorism financing risks, they are failing to meet their AML/CTF obligations in Australia,” AUSTRAC CEO Brendan Thomas said.

Binance has also faced other regulatory challenges in Australia. The Australian Securities and Investments Commission previously found that Binance’s derivatives division had misclassified over 500 retail clients as wholesale customers, removing important consumer protections. The derivatives arm subsequently surrendered its financial services license.

User Demand and Market Impact

Survey data from Binance Australia reveals strong demand for direct banking access. According to the exchange’s research, 58.4% of respondents expect to deposit funds on crypto platforms freely and without limits. Perhaps more striking, 22.7% of users reported switching banks specifically to make cryptocurrency purchases easier.

To encourage adoption of the restored services, Binance is offering a promotional 5 AUD token voucher to users who deposit at least 50 AUD through PayID or bank transfer. The incentive aims to drive early usage of the new payment infrastructure.

The Australian cryptocurrency market has shown significant growth despite Binance’s banking challenges. Trading volume in the country increased by 38% throughout 2025, demonstrating continued interest in digital assets even as some exchanges faced operational limitations.

Broader Regulatory Developments

Binance’s Australian banking restoration coincides with the exchange’s global regulatory restructuring. In January 2026, the company secured full regulatory approval in Abu Dhabi under the Abu Dhabi Global Market’s framework. Binance established three licensed entities to handle trading, custody, and brokerage services, with company executives describing Abu Dhabi as the primary global operational base.

Australia is also updating its cryptocurrency regulations. The government has expanded AUSTRAC’s oversight powers and broadened the scope of services subject to anti-money laundering requirements. Starting in March 2026, crypto businesses will face new obligations around user data collection and financial transaction reporting.

These regulatory changes reflect a global trend toward stricter oversight of cryptocurrency exchanges. Authorities worldwide are balancing the need to prevent financial crimes while allowing legitimate crypto businesses to operate and grow.

Back in Business

The restoration of direct bank transfers represents more than just operational convenience for Binance Australia. It signals the exchange’s ability to navigate complex regulatory requirements and rebuild relationships within Australia’s financial system. After nearly three years of limited banking access, Australian users can once again move funds quickly and affordably between traditional banking and cryptocurrency trading.

For Binance, maintaining compliance standards and working cooperatively with regulators appears to be the path forward. As Matt Poblocki noted, the exchange remains “committed to maintaining best-in-class compliance standards” while continuing to serve hundreds of thousands of local users.