The toy was banned because itcontained a precursor to the drug Fantasy also known as gamma-hydroxybutyric acid, or GHB.
The new product has a different chemical composition and will be known as Beados.
Manny Stuhl of the distributor, Moose Enterprises said: "By rebranding and re-educating consumers on the differences, we can protect consumers from the recalled product."
Some 1.5 million packets of Bindeez were sold in Australia and 12 million were sold throughout the world in six months. Nine children were hospitalised when they were poisoned by the beads.