HSBC Australia branch blocks cryptocurrency transactions on the grounds of fraud prevention

HSBC Australia has informed customers that the bank has started blocking payments to cryptocurrency exchanges from July 24. The bank said the reason for taking this action was fraud. In an email sent to customers on July 24, HSBC Australia explained its "new security measures". "From July 24, 2024, HSBC will block payments from bank accounts and credit cards that we have reason to believe are being made to cryptocurrency exchanges to protect your security," the bank said. The email also advised customers to find other ways to make payments to these exchanges.