On July 24, HSBC Australia enacted a new policy that prohibits all bank accounts and credit card transactions with crypto exchanges. This action comes in response to at least six prominent banks in Australia prohibiting transactions on crypto exchanges.
The bank seeks to safeguard its consumers by mandating that they utilize alternative methods for doing transactions using cryptocurrency platforms.
The bank referenced a recent report by the Australian Competition and Consumer Regulator, ACCC, which disclosed that investment scams resulted in losses of up to $171 million for Australians in 2023.
Bendigo Bank likewise informed its clients of a comparable action, attributing it to investment schemes in the cryptocurrency sector. Although the bank has implemented measures to prevent payments to crypto platforms, it will continue to facilitate customers’ Bitcoin payments from exchanges.
The bank’s decision is made with the utmost consideration for the welfare and safeguarding of clients.
