Starting July 24, HSBC Australia will block payments to cryptocurrency exchanges due to a surge in scams. The move follows reports of Australians losing up to $171 million to fraudulent schemes.

In an email, the bank explained that payments from both bank accounts and credit cards will be blocked to protect customers.

However, payments coming from crypto exchanges will still be accepted. Bendigo Bank has also adopted a similar policy.

Starting July 24, HSBC Australia will block payments to cryptocurrency exchanges due to a surge in scams. The move follows reports of Australians losing up to $171 million to fraudulent schemes.

In an email, the bank explained that payments from both bank accounts and credit cards will be blocked to protect customers.

However, payments coming from crypto exchanges will still be accepted. Bendigo Bank has also adopted a similar policy.