Australian division of HSBC to Block Deposits to Cryptocurrency Exchanges
Australian division of HSBC bank has decided to block deposits to cryptocurrency exchanges starting from July 24th. In an email sent to clients, the bank notified that any payments from bank accounts and credit cards related to cryptocurrencies will be blocked. Clients who wish to transfer funds to exchanges for trading digital assets will have to look for alternative ways to conduct transactions.
HSBC, which serves 1.5 million clients through 45 branches all over Australia, noted that it will continue to accept payments coming from cryptocurrency platforms. Regular banking operations, however, will remain unchanged. The bank apologized for the «inconvenience,» stressing that its main goal is to ensure the security of clients’ funds.
This move by HSBC is part of a broader trend among Australian financial institutions. Earlier, major banks such as the Commonwealth Bank, National Australia Bank (NAB), Westpac, and ANZ Banking Group have already started restricting payments to cryptocurrency exchanges. Shortly after, Bendigo Bank also took measures to protect clients from investment fraud.
HSBC referred to data from the Australian Competition and Consumer Commission (ACCC), which reported losses of up to $171 million by local residents due to fraudulent investment schemes in 2023. Thus, the bank emphasizes its commitment to protecting clients from risks associated with cryptocurrencies.
