- Barclays will prohibit all cryptocurrency purchases made with its Barclaycard credit cards.
- The move follows a May 2 consultation by the Financial Conduct Authority exploring credit-based crypto restrictions amid growing regulatory scrutiny.
- The Payments Association criticized the proposed restrictions, warning against equating crypto with gambling.
British banking giant Barclays says it will block all cryptocurrency transactions made through its Barclaycard credit cards, effective Friday, June 27, 2025.
The move comes amid growing concerns over the volatility of digital assets and a wider regulatory review of crypto purchasing in the United Kingdom.
Barclays cites the risk of customers falling into unsustainable debt due to sudden drops in the value of cryptocurrencies.
“We’re doing this because a fall in the price of crypto assets could lead to customers finding themselves in debt they can’t afford to repay.”
Barclays
The bank goes on to say that crypto related purchases are not protected under the UK’s Financial Ombudsman Service or the Financial Services Compensation Scheme.
Barclays’ decision aligns with broader discussions among UK financial authorities about the risks associated with consumer access to crypto via credit.
Earlier this year, on May 2, the Financial Conduct Authority (FCA) released a consultation paper exploring whether to impose purchase restrictions on digital assets using credit facilities.
The move has drawn criticism from some in the payments industry.
The Payments Association, a UK-based trade body, has voiced concern that the FCA’s proposals equate crypto buying with gambling and could limit financial freedom.
“Consumers should be enabled to make informed choices within predefined credit limits,” the association said in response to the FCA’s consultation.