Binance Australia Restores Direct Bank and PayID Transfers for User

Binance Australia has successfully relaunched direct fiat bank and PayID deposits and withdrawals for its users, two years after being abruptly disconnected from the Australian banking system in 2023. The general manager for Binance Australia and New Zealand, Matt Poblocki, stated that the lack of seamless fiat access created significant friction and barriers for local users, hindering market participation and growth. The reintroduction followed a measured, phased rollout, focusing on feedback and strengthening compliance controls. When the service was initially terminated in 2023, the reasons were unclear, though the third-party provider, Cuscal, cited efforts to limit scams and fraud. Poblocki emphasized that fiat access is now considered a foundation for future developments, particularly in anticipation of regulatory consistency expected around 2026.

(Source：Cointelegraph)