- Binance Australia restores AUD deposits and withdrawals after a two-year suspension.
- PayID and bank transfers return, reopening direct bank access for users.
- Reintegrating banking services boosts Binance’s competitive ability in Australia.
Binance Australia has announced the reopening of the direct dollar deposit and withdrawal channels for customers within the region. PayID and bank transfer access are returning to the Binance ecosystem in Australia after being suspended for over two years.
Customers Can Transact Between Binance and Banks in Australia
The cryptocurrency exchange initiated a phased rollout of this program to a smaller user group over the past few months and is now releasing the protocol to the general public. Hence, Binance customers in Australia can now move funds between their bank accounts and Binance in Australian dollars. This marks the first time since mid-2023 that the platform has offered direct fiat on and off-ramps in the market.
Banks in Australia suspended direct transactions involving crypto assets and other related services following regulatory complications. They cited narratives bordering on fraud and compliance risks. That led to the termination of crypto services to Binance users, who had previously been limited to funding their accounts via debit or credit cards after losing access through local channels.
Past Restrictions Hurt Binance’s Development in Australia
It is worth noting that the restriction was consequential. It raised costs and limited transaction flexibility for Binance users compared to crypto exchanges that retained PayID access. For context, PayID is an Australian real-time payments system that allows users to send and receive funds using an identifier such as a mobile number or email address, rather than a bank account number.
Notably, reintroducing real-time bank integration on Binance boosts the crypto exchange’s chances in the competition with other similar platforms. It removes the operational hurdle that has limited the trading platform for over two years, providing increased access for its users.
According to Binance Australia and New Zealand General Manager Matt Poblocki, access and integration with traditional financial services directly affect participation, confidence, and trust in the market. Poblocki noted that the absence of access and integration leads to unnecessary barriers for investors and exchanges and can slow adoption and limit growth.
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Source: https://coinedition.com/binance-australia-restores-banking-access-to-users-after-over-two-years/
