In a major development for Australia's cryptocurrency market, Binance Australia has officially restored direct Australian dollar (AUD) deposit and withdrawal services for all verified users, ending a suspension that began in mid-2023. The service, which became fully available in January 2026, supports PayID for real-time deposits and standard direct bank transfers, marking the return of seamless fiat on-ramps and off-ramps.
The restoration follows nearly two years of intensive regulatory engagement and compliance enhancements by the exchange. The original suspension occurred after Binance lost access to key local banking partners, including payment provider Cuscal, amid heightened scrutiny from Australian regulators like the Australian Securities and Investments Commission (ASIC) and the Australian Transaction Reports and Analysis Centre (AUSTRAC). During the hiatus, Australian users were limited to crypto-to-crypto trading or higher-fee methods like debit/credit cards.
Binance Australia's compliance team implemented several key changes to meet local standards, including enhanced Know Your Customer (KYC) procedures, improved anti-money laundering (AML) and transaction monitoring systems, strengthened banking partnerships, and expanded local compliance staffing. This successful navigation of regulatory challenges positions the exchange for renewed operations in the Asia-Pacific region.
The resumption carries significant implications for the local ecosystem. Australian traders now regain direct access to fiat gateways through one of the world's largest exchanges, which is expected to increase market liquidity, reduce friction, and potentially stimulate trading volume and adoption. The move also intensifies competition with domestic exchanges that maintained AUD services throughout the period.
This development aligns with broader regulatory clarity emerging in Australia, including consultation papers and draft legislation from the Treasury in 2024. It also follows Binance's recent global regulatory restructuring, such as its transition to an Abu Dhabi Global Market-regulated structure finalized in early January 2026.
