Binance has officially reinstated the ability for Australian users to conduct transactions in local dollars via PayID. This marks a significant development for the exchange as it enhances user access to its platform after a two-year hiatus from banking services.
The reactivation of PayID enables customers to deposit and withdraw funds directly between their bank accounts and the exchange. This update, which began rolling out to a select group of users over the past few months, is now available to all customers. This is the first instance since mid-2023 that Binance has provided a direct method for fiat currency transactions within Australia.
PayID is a widely adopted real-time payment system in Australia that allows users to transfer money using identifiers like email addresses or mobile numbers, eliminating the need for traditional banking details. Previously, Binance had restricted funding options to credit or debit card transactions, which limited user flexibility and made transactions more costly compared to other platforms that continued to support PayID.
Matt Poblocki, general manager of Binance in Australia and New Zealand, emphasized the importance of bridging traditional financial services with the digital economy. He stated, “Access and integration with traditional financial services directly impact participation, trust, and credibility in the market.” A recent survey conducted by Binance Australia indicated that many users still face significant barriers due to the lack of accessible fiat channels. The majority of respondents expressed a desire for easier methods to transfer resources to exchanges, with some even changing banks to facilitate trading in cryptocurrencies.
While Binance did not disclose the specific financial institutions or payment processors supporting this renewed service, nor did it mention any transaction limits, the company attributed the service”s return to internal compliance adjustments. This development comes after a period of regulatory scrutiny and operational challenges that have affected Binance”s standing in the Australian market, including the cessation of derivatives trading in 2023. With the reintroduction of real-time transfers, Binance aims to regain its competitive edge in the local crypto market.
