HSBC, one of the world's largest banks, recently informed its Australian customers that payments to cryptocurrency exchanges will now be blocked. The move, which came into effect on July 24, is being justified by the desire to protect customers from investment scams.
HSBC says no to cryptocurrencies in Australia
HSBC, one of the world's largest banks, recently contacted its Australian customers to inform them that any payment from them to a cryptocurrency exchange would be blockedand this for their own safety.
Based on data suggesting Australians will lose a total of $171 million through investment scams in 2023, HSBC's Australian branch has urged affected customers to find alternative payment methods to obtain cryptocurrencies.
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According to the email sent, the bank apologizes for the inconvenience, assuring that its priority remains the security of its customers. Furthermore, The blocking measure we are talking about has been in effect since July 24.
Amy-Rose Goodey, chief executive of the Digital Economy Council of Australia (DECA), told Cointelegraph that HSBC's decision was sudden and that they had not been notified of the measure in advance.
HSBC’s recent decision to block all payments to cryptocurrency exchanges has rekindled concerns about the ongoing challenges facing Australian banks’ relationship with the cryptocurrency industry. […] This highlights the crucial need for dialogue and improvement of regulatory frameworks that support innovation while effectively addressing potential risks.
Based on the same reasoning, HSBC had banned its British customers from purchasing cryptocurrencies by bank card from March 2023.
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Source: Finance Magnates
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