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HSBC Australia has decided to stop customer payments to cryptocurrency exchanges starting yesterday. The bank announced the change through an email, explaining that:&nbsp;
<blockquote>
 “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.”
</blockquote>
The bank pointed to a report that Australians lost up to $171 million in investment scams just last year.
Australia’s financial watchdogs have also been raising alarms about cryptocurrencies. They’ve identified cryptocurrencies as a potential hotbed for money laundering.&nbsp;
According to these authorities, crypto used for payments are particularly vulnerable. They categorize the risk level as medium for now, but they expect it to grow in a few years.
Related: <a href="https://www.cryptopolitan.com/asx-greenlights-second-spot-bitcoin-etf/" rel="noopener noreferrer nofollow">Australia’s ASX greenlights second spot Bitcoin ETF</a>
The Australian Taxation Office (ATO) is also getting more <a href="https://www.reuters.com/technology/australia-seeks-client-data-crypto-exchanges-tax-crackdown-2024-05-07/" rel="noopener noreferrer nofollow" target="_blank">involved</a>. They’ve started collecting personal and transaction data from cryptocurrency exchanges, covering about 1.2 million accounts.&nbsp;
The goal? To catch those who aren’t reporting their crypto activities accurately. This includes not just trading and selling cryptocurrencies but even using them for everyday purchases.&nbsp;
The ATO is after details like birthdates, contact information, and social media profiles, along with transaction data such as bank account numbers and wallet addresses.
Related: <a href="https://www.cryptopolitan.com/australian-sentenced-for-crypto-theft/" rel="noopener noreferrer nofollow">Australian man sentenced for crypto-related identity theft offenses</a>
In Australia, cryptocurrencies are treated as assets for tax purposes, not foreign currency. This means if you make money selling or trading cryptocurrencies, you’re on the hook for capital gains tax.&nbsp;
For many, this tax burden can be a bit of a shock, especially if they weren’t aware of the rules.
Despite this, crypto’s popularity in Australia isn’t shaking. A treasury report showed that over 800,000 Australians have been involved in cryptocurrency transactions in the past three years.&nbsp;
The growth is massive, with a 63% increase in activity reported in 2021 alone. In a somewhat surprising twist, Australians are also leading the charge in adopting memecoins.

HSBC Australia starts blocking payments to crypto exchanges

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