Binance Australia has officially announced the reinstatement of Australian Dollar (AUD) fiat deposits and withdrawals, marking a critical milestone after a prolonged period of service disruption stemming from banking partnership issues. Starting immediately, Australian users can once again utilize instant transfer methods to move AUD in and out of the exchange, facilitated through a new, compliant banking partner. The exchange had faced significant operational challenges since mid-2023, when major payment processors and banks terminated support for key services like Osko and PayID transfers, citing risk management concerns. This action effectively ‘debanked’ the platform, forcing users to rely on more complex or limited withdrawal methods. The restoration of seamless fiat integration is expected to significantly enhance liquidity and accessibility for local traders, reaffirming Binance Australia’s commitment to the market. The company emphasized that the newly integrated system adheres to rigorous Know Your Customer (KYC) and Anti-Money Laundering (AML) protocols, ensuring enhanced security and regulatory compliance.
Source: Binance Australia brings fiat back after being debanked for 2 years
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