Summary:
- HSBC Australia to block payments to cryptocurrency exchanges from July 2024.
- New policy aims to protect customers from fraud and scams.
- Attempts to transact with exchanges will be blocked, keeping funds in customers’ accounts.
HSBC Australia has announced that it will automatically block all payments to cryptocurrency exchanges starting in July 2024. This new policy is part of the bank’s efforts to protect its customers from the increasing number of frauds and scams associated with cryptocurrency exchanges.
According to HSBC Australia, any attempt to transact with these exchanges using HSBC accounts or cards will be blocked, and the funds will remain secure in the customer’s account. This measure is being implemented in response to the growing number of scams involving cryptocurrency exchanges, which often make it difficult to recover lost funds.
The bank’s proactive approach aims to safeguard customer assets and ensure that their money remains protected against fraudulent activities. This policy underscores HSBC Australia’s commitment to enhancing security measures for its customers amid the rising concerns surrounding cryptocurrency transactions.
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