Barclays will ban all cryptocurrency purchases made using its credit cards as of June 27, 2025. They cite worries about consumer debt and a lack of regulatory protection.
The bank warns that crypto's price volatility might lead to consumers incurring debts they cannot repay. Similarly, they explained that crypto assets are not insured by the Financial Ombudsman Service or the Financial Services Compensation Scheme. This restriction follows similar steps by other UK banks, such as JPMorgan Chase, Lloyds, and TBC Bank. These institutions have all limited card-funded crypto transactions due to rising scam claims and financial dangers.
While payment networks such as Mastercard continue to widen cryptocurrency access, Barclays' decision demonstrates a cautious approach to digital assets and emphasizes client security.
The ban implies that Barclays customers will no longer be allowed to use their credit cards for crypto-related purchases, possibly restricting retail access to digital assets in the UK. Barclays advises clients to learn more about crypto risks by using the Financial Conduct Authority's tools.
