Barclays to Block Crypto Purchases on Credit Cards This Week

Reading Time: < 1 minute

Barclays will ban cryptocurrency transactions made via its Barclaycard credit cards starting Friday, citing concerns over market volatility and investor risks.

The UK-based bank stated that the move aims to protect customers from potential debt due to sudden crypto price drops. Unlike traditional financial products, crypto purchases are not covered by UK consumer protection schemes like the Financial Ombudsman Service.

Barclays has permitted crypto transactions since at least 2018 but now joins other financial institutions tightening restrictions. The decision comes as UK regulators debate further limits on credit-fuelled crypto trading.