HSBC Australia to Block Customers’ Payments to Crypto Exchanges

HSBC Holdings Plc will automatically decline all payments made by clients in Australia to cryptocurrency exchanges following a rise in scams, it said in a statement on Wednesday.

• “From 24 July 2024, HSBC will block payments from bank accounts and credit cards that we reasonably believe are being made to cryptocurrency exchanges, for your protection,” the lender said in an email to customers
• According to the Australian Competition and Consumer Commission, Australians lost over $171 million to investment scams last year and the payments were made mostly via cryptocurrency, HSBC added
• The bank will still accept payments from cryptocurrency exchanges ...