Binance Launches Direct AUD PAYID Deposits in Australia

Wednesday 12 August 2020, 7:00 AM AEST - 1 month ago

International cryptocurrency exchange Binance has announced the integration of new AUD support for Australian users, allowing Aussie crypto traders to deposit AUD directly to the trading platform for the first time.

The new AUD deposit functionality, announced on Friday, will allow Australian traders to load Australian dollars to their Binance accounts through the PayID system supported by over 100 Australian banks. AUD support provides Australian traders with the ability to directly fund their accounts, a process that previously required several steps. 

Prior to the launch of Binance AUD support Aussie Binance traders were forced to purchase Bitcoin or other cryptocurrencies through platforms such as Australia-based Easy Crypto, which provide simple AUD to crypto buys and sells, then send purchased cryptocurrency to a Binance wallet.

PayID executes fiat currency transfers nearly instantly, significantly cutting down the wait time for traders aiming to buy into the crypto market. 

Aussie Traders Slow to Adopt New Crypto Exchange Options

The launch of Binance’s new AUD PayID deposit system was announced during the launch of the exchange platform’s “Full Fiat” Australian exchange late last month, but was only recently made available to all users. 

Whether or not Australian crypto users — who primarily purchase cryptocurrency via Australia-based platforms such as Coinjar and Easy Crypto — have shifted to the international exchange platform is not yet clear. Binance CEO Changpeng Zhao, in statements released to crypto news media platforms, clarified that Binance does not disclose user data.