Ramazan Eles 
In a significant move that underscores growing concerns about cryptocurrency-related fraud, HSBC Australia has announced that it will block payments to cryptocurrency exchanges starting from July 24, 2024. The bank cited its primary goal of safeguarding customers from scams as the reason behind this decision.
The decision follows a surge in investment scams targeting Australians, with losses amounting to a staggering $171 million in 2023 alone, according to data from Australia’s competition and consumer regulator. Recognizing the potential inconvenience this may cause, HSBC emphasized its commitment to prioritizing customer funds.
In an email sent to customers on July 24, HSBC outlined the new security measures, stating, “Effective July 24, 2024, HSBC will block payments from bank accounts and credit cards that we believe are being sent to cryptocurrency exchanges to protect your security.” Customers were advised to explore alternative payment methods for these transactions.
Following HSBC’s lead, Bendigo Bank has also introduced similar restrictions on payments to crypto exchanges, citing concerns about investment fraud. However, HSBC clarified that while it will no longer allow outgoing payments to exchanges, it will continue to process incoming payments from these platforms. Other banking services will remain unaffected.
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