HSBC Australia will automatically block all payments to cryptocurrency exchanges, starting in July 2024.

According to HSBC Australia, this is a part of a new policy aimed at protecting its customers from fraud and scams.

This measure means any attempt to transact with these exchanges using HSBC accounts or cards will be blocked, and the funds will remain in the customer’s account.

The bank added that it has implemented this policy in response to the growing number of scams involving cryptocurrency exchanges, which often make it difficult to recover funds.

HSBC Australia said in a statement,

“Because of the high-risk nature of these payments you will not be able to make this payment using HSBC.”

Those wishing to proceed with payments to cryptocurrency exchanges will need to find alternative methods outside of HSBC’s services.

Featured image credit: Edited from Freepik