Crypto: Binance Australia Brings Fiat Back After Being Debanked For 2 Years

Since mid-2023, Binance Australia users have only been able to deposit or withdraw fiat funds from their crypto exchange accounts via debit or credit card.

Update Jan.19, 6:50 am: This article has been updated to include a statement from Matt Poblocki.

Crypto exchange Binance has reintroduced direct bank transfers in Australia two years after the exchange was abruptly “cut off” from the Australian banking system.

As of last Friday, Binance Australia has relaunched direct fiat bank and PayID deposits and withdrawals to its Australian users.

The rollout began with a small group of users last year, according to a press release on Monday shared with Cointelegraph.

Binance Australia and New Zealand general manager Matt Poblocki told Cointelegraph in a statement that fiat on and off ramps represent a “vital connection between traditional finance and digital assets” that support broad user participation and confidence.

Limited fiat access created friction for local users trying to participate in the digital asset ecosystem and put up barriers, slowing adoption and limiting growth. Reinstatement of the feature at Binance has now taken out a major barrier, according to Poblocki.

“Through our new partnership with Bolt Financial Group, we are now pleased to reintroduce secure, reliable fiat payment rails for our Australian community,” he added.

Last September, industry executives, including Poblocki, told Cointelegraph that users in Australia still face banking barriers when engaging with exchanges and other crypto businesses.

A survey released at the time also found 58% of respondents wanted easy access to deposit funds into an exchange with no limit, while 22% had changed banks to make buying crypto easier.

Source: CoinTelegraph