HSBC Australia to Block Payments to Crypto Exchanges Amid Scam Concerns

HSBC’s Australian wing has announced that it will block payments to cryptocurrency exchanges starting July 24, 2024, citing a rise in investment scams. According to an email sent to its customers, the bank will block payments from both credit cards and bank accounts that it believes are being made to crypto exchanges, aiming to protect users. The decision follows reports of Australians losing up to $171 million to scams. HSBC emphasized that while it will block outgoing payments, it will still accept incoming payments from crypto exchanges. The bank apologized for any inconvenience caused and advised investors to find alternative methods for making crypto payments. Inspired by HSBC's move, Bendigo Bank has also decided to implement similar measures.