HSBC Australia has informed its customers that it will begin blocking payments directed to cryptocurrency trading platforms from July 24.
This decision came as a result of the increasing fraud in this area.
Blocking Cryptocurrency Payments:
In an email dated July 24, HSBC Australia explained its new safety measures.
The bank stated:
From 24 July 2024, HSBC will block payments from bank accounts and credit cards that we reasonably believe are going to cryptocurrency platforms, for your protection.
The bank also advised customers to look for alternative ways to make payments to these platforms.
The bank pointed to data from the Australian Competition and Consumer Commission (ACCC) that showed Australians lost up to $171 million to investment scams during 2023.
The bank apologized for the inconvenience, stressing that its priority is to keep customers’ funds safe.
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