SBC Australia to Block Card Payments to Cryptocurrency Exchanges Starting 24 July 2024

HSBC Australia has revealed a significant policy shift, declaring that starting 24 July 2024, all customer payments to cryptocurrency exchanges using credit or debit cards will be blocked. This proactive measure comes in response to the perceived high-risk nature of these transactions. According to HSBC Australia, the prevalence of scams involving cryptocurrency exchanges has made it increasingly difficult to reclaim lost funds. By instituting this blockade, the bank aims to safeguard its customers and plans to introduce additional security enhancements to counter evolving threats. Notably, HSBC Australia clarified that customers will still be able to receive payments from cryptocurrency exchanges.