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Breaking: HSBC Blocks All Transactions To Crypto Exchanges Commencing 24 July
Highlight:
- HSBC began blocking all crypto exchange payments on 24 July 2024 to combat scam losses.
- The bank claims to protect customers, citing significant financial losses to scams in Australia.
BTCC, one of the longest-running crypto exchanges in the world, supports trading for 300+ cryptocurrencies with leverage ranging from 1Χ to 225Χ. If you want to start trading cryptocurrencies, you can start by signing up for BTCC.
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HSBC Blocks All Transactions to Crypto Exchanges Starting 24 July
HSBC has abruptly announced comprehensive alterations, significantly impacting individuals utilizing the bank’s services for cryptocurrency transactions, with minimal prior notice.
From today HSBC will restrict all payments to cryptocurrency exchanges when deemed necessary:
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.
Why Were the Changes Made?
The bank explained the changes have been made because of an increase in scams. HSBC said that according to the Australian Competition and Consumer Commission (ACCC), investment scams have been responsible for the “most scam losses in Australia”, and that these are chiefly through crypto.
It appears paradoxical for Australian banks to adopt such measures amidst a global trend towards crypto adoption, with institutions increasingly allocating assets to crypto-related funds. Given the shrinking options for Australians to fund crypto exchanges, ING and St.George Bank stand out as crypto-friendly alternatives in the current landscape.
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Where & How to Buy Crypto in Australia?
If you want to buy cryptocurrencies in Australia, you can easily start by creating an account with BTCC, one of the longest-running exchange in the world. As a old exchange enjoy good reputation, BTCC is more reliable
with no reported hacks or security breaches to date.
BTCC is among the best and safest platforms to buy cryptocurrencies in Australia. The reasons why we introduce BTCC for you summarize as below:
Industry-leading security with no reported hacks or security breaches to date
BTCC attaches great importance on security. Since founded in 2011, BTCC has never been hacked or been a victim of any other kind of successful malicious attack, which fully illustrates its security capabilities. Through measures like segregation of assets, 1:1 storage of users’ assets, money laundering prevention and identity authentication and no collateralising tokens for loans, BTCC enjoys good reputation in asset security.
High liquidity & volume
BTCC is ranked top 10 by trading volume on both CoinMarketCap and CoinGecko, the world’s two largest crypto information platforms. BTCC prides itself on providing crypto futures trading services to users worldwide with market-leading liquidity, offering perpetual futures on over 300 cryptocurrencies, including BTC, ETH, DOGE, LTC, SOL, XRP, SHIB, etc.
Extremely low fees
Charging high fees means less return for investors. Compared with other major exchanges, BTCC only charges 0.06% for both takers and makers, which are far below the industry average. According to the largest and most recent empirical study on crypto exchange trading fees, the average spot trading taker fee is 0.2294% and the maker fee is 0.1854%.
High and rich bonus
BTCC holds all kinds of campaigns where investors can participate to win exciting bonus. For example, new users can get rewards up to 10,055 USDT coupon through completing relevant missions, like registration, identity verification, first deposits, cumulative futures trading volume, etc. Besides, becoming VIP also can enjoy rewards like VIP-exclusive perks, including discounts on trading fees, access to exclusive campaigns, BTCC merch, priority customer support, fast withdrawal, and many more.
Excellent customer service
BTCC also gains great reputation in terms of customer support. If you are confused or have problem in the process of trading currencies, you can obtain customer support via email and live chat, BTCC offers 24/7 online customer service for you.
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