There is new news in the Australian market. After experiencing two years of cold reception from the local banking system, a leading exchange has finally turned the tide — last week, it officially resumed fiat currency deposits and withdrawals via bank transfers and PayID.

It’s also quite frustrating to think about. Since 2023, this business line has been forced to halt operations, and users could only deposit or withdraw funds by bank card or directly trading cryptocurrencies, which was indeed inconvenient. Now that it’s reopened, what does it mean?

In one sentence: Fiat on/off ramps are the hub connecting the traditional financial world and digital assets. Without them, even the largest exchanges are isolated islands locally. Especially in a mature market like Australia, whether users can conveniently convert fiat to crypto or cash out in reverse directly affects their trading experience and market depth.

The restart of this banking cooperation marks a significant step forward in the exchange’s compliance progress in Australia. For the entire regional crypto ecosystem, it’s also a positive signal — indicating that even with regulatory pressure, a path to cooperation can always be found through solid operations and effective communication.