HSBC Australia blocks payments on crypto exchanges

• HSBC Australia will block all customer payments on crypto borns from July 24, 2024
• The bank informed its customers in an email that the decision was due to the increasing number of crypto investment fraud.
• According to a current report, Australians lost $ 171 million in 2023 through such crypto scams.

HSBC Australia has started to block payments to crypto exchanges and refers to increasing fraud.

The bank informed its customers that the new measure had entered into force on July 24 and all bank accounts and credit card payments on cryptocurrency exchanges were blocked. At least six large banks in Australia are currently blocking payments to crypto bonds, as CoinTelegraph found in a report.

Customer protection

HSBC Australia and other major banks in the country have taken this step and explain that the goal is to protect their customers.

Customers who want to make payments to cryptoplate shapes must search for alternatives, the bank wrote in the email.

"From July 24, 2024, HSBC will block payments from bank accounts and credit cards, of which we reasonably assume that they are made on cryptocurrency exchanges," wrote the banking giant.

The bank referred to a current report by the Australian competitive and consumer protection authority ACCC when it comes to deciding. According to the report, the Australians caused losses of up to $ 171 million in 2023.

The notification of the HSBC Australia to its customers was not the only big setback for cryptocurrencies in the country that day. Shortly after the bank's step, another company, Bendigo Bank, informed its customers about a similar step. The Bendigo Bank also referred to investment fraud in the cryptocurrency area and assured that its decision was in the best interest of customers and for their protection.

Although HSBC Australia has blocked payments to cryptoplate forms, the bank will continue to handle customers from customers via stock exchanges.