Barclays to Ban Crypto Credit Card Purchases Starting June 27 Amid Volatility and Fraud Concerns
Starting June 27, UK banking giant Barclays will block customers from using credit cards to purchase cryptocurrencies, citing growing concerns over financial risk and consumer protection.
In a notice posted on its website, Barclays explained that the decision stems from the unpredictable nature of digital assets and the lack of regulatory safeguards.
“There’s also no protection for crypto assets if something goes wrong with a purchase,” the bank noted, pointing out that crypto transactions aren’t covered by the Financial Ombudsman Service or the Financial Services Compensation Scheme in the UK.
Barclays emphasized that credit cards can exacerbate risk in volatile markets. A sudden drop in value, the bank warned, could leave cardholders struggling with debt they can't repay—especially since crypto assets don’t offer the same dispute or reimbursement processes available for traditional purchases.
The move places Barclays among a growing number of UK financial institutions taking a harder stance on retail crypto transactions. In 2023, JPMorgan Chase's UK arm blocked credit card crypto buys following a surge in scam-related complaints. Other banks, including Lloyds and TBC Bank, have also restricted crypto-related payments on similar grounds.
Despite these tightening policies from banks, broader access to crypto payments continues to grow through other channels. Just this week, Mastercard announced a partnership with Chainlink, enabling users to convert fiat to digital tokens directly onchain—a signal that traditional financial networks are still exploring crypto integration, even as some lenders tighten controls.