HSBC Australia will block customer payments to cryptocurrency exchanges starting July 24, citing concerns over rising crypto-related scams, which cost Australians up to $171 million in 2023. While payments to exchanges will be prohibited, customers can still receive funds from these platforms. The bank advised affected customers to find alternative payment methods.

This move aligns with similar actions taken by other major Australian banks and follows warnings from AUSTRAC about the risks of money laundering through cryptocurrencies. Regulatory scrutiny in Australia is also increasing, with the Australian Taxation Office and ASIC targeting crypto activities.