According to TechFlow, on July 25, FinanceMagnates reported that HSBC Australia will block customers from paying to cryptocurrency exchanges starting July 24, 2024, on the grounds of protecting customers from investment fraud. HSBC said in an email to customers that it will block related payments from bank accounts and credit cards, and advises customers to find other payment methods.

HSBC's decision was based on data from the Australian Competition and Consumer Regulatory Authority, which showed that Australians lost up to A$171 million to investment fraud in 2023. HSBC apologized for this, but emphasized the priority of protecting customer funds. Following HSBC, Bendigo Bank also decided to stop paying to cryptocurrency exchanges, also for the reason of protecting customers.

Amy-Rose Goodey, managing director of the Digital Economy Council of Australia (DECA), noted that HSBC's decision reflects the ongoing challenges between Australian banks and the cryptocurrency industry, and called for stronger dialogue and regulatory frameworks to balance innovation and risk management. She warned that the lack of dialogue could lead to more Australians losing their "financial rights" to participate in the digital economy. HSBC also clarified that it will continue to accept customer payments from cryptocurrency exchanges, and other banking services will continue as usual. HSBC Australia currently has 45 branches across the country, serving 1.5 million customers.