Barclays Joins List of UK Banks Restricting Credit Card Crypto Buys
Barclays will block crypto transactions made with Barclaycard starting June 27, 2025, due to risks associated with cryptocurrency purchases. The bank cited concerns that declining cryptocurrency prices could lead customers into debt and noted that digital assets lack existing banking protections. This decision aligns with the Financial Conduct Authority's (FCA) proposal for a blanket ban on credit-based cryptocurrency purchases, highlighting that 14% of UK crypto investors used credit facilities for purchases as of August 2024. Other UK banks, including Chase UK, HSBC, and Nationwide, have also imposed restrictions on crypto transactions. Nationwide set a £5,000 limit on debit card crypto payments, while Chase UK banned all transactions to crypto exchanges. Some experts criticize these restrictions as overreach but caution against using debt for cryptocurrency trading due to inherent risks.
