HSBC Australia will automatically block all payments to cryptocurrency exchanges from July 2024.
HSBC Australia said it was part of a new policy aimed at protecting customers from fraud and scams.
This measure will prevent any attempt to trade on these exchanges from HSBC The account or card will be blocked, but the funds will remain in the customer’s account.
The bank added that it introduced the policy in response to a rise in fraud surrounding cryptocurrency exchanges, where funds are often difficult to recover.
HSBC Australia is statement,
“These payments are high risk and you cannot use HSBC to make the payments.”
Those wanting to go ahead and make payments to cryptocurrency exchanges will need to find alternative methods outside of HSBC’s services.
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