At least six big Australian banks have taken such action now — a trend one industry executive says is stripping Aussies of their “financial rights” to participate in the digital economy.
The Australian arm of international bank HSBC has informed customers it has begun blocking customer payments to cryptocurrency exchanges as of July 24 local time, becoming the latest major bank to shun the industry, citing scams.
“From 24 July 2024, HSBC will block payments from bank accounts and credit cards that we reasonably believe are being made to cryptocurrency exchanges, for your protection,” HSBC Australia said in a July 24 email to customers explaining its “new safety measures.”
To back up its decision, HSBC cited data from Australia’s competition and consumer regulator stating that Australians lost up to $171 million from investment scams in 2023.
