According to Financemagnates, HSBC Australia has begun blocking customers from making payments to cryptocurrency exchanges since July 24, citing the need to protect customers from investment scams. According to data from the Australian Competition and Consumer Regulatory Authority, Australians lost up to $171 million in investment scams in 2023. Similarly, Bendigo Bank also announced that it would block customer payments to cryptocurrency exchanges. HSBC clarified that it would still accept payments from customers on cryptocurrency exchanges, and other banking services would continue to operate normally.