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HSBC's Australian division has recently announced that it will block its customers' payments to cryptocurrency exchanges, joining other major banks that reject this sector.

This new measure, which came into effect on July 24, aims to protect customers from potential scams.

The bank informed its customers through an email, explaining that all payments to crypto exchanges will be restricted from their bank accounts and credit cards.

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Customers wishing to make such payments will have to find alternative methods.

The decision was based on data from Australia's competition and consumer watchdog, which revealed that Australians lost around $171 million to investment scams in 2023.

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