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.”

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