Barclays Halts Credit Card Crypto Transactions, Citing Investor Risks
Starting this Friday, Barclays will prohibit customers from using its Barclaycard credit cards to purchase cryptocurrencies, citing the high risks associated with digital asset volatility.
The bank explained that the ban is intended to prevent customers from accumulating unaffordable debt if crypto prices crash. Additionally, crypto transactions lack protections under UK financial safety nets, such as the Financial Services Compensation Scheme.
A Barclays spokesperson declined to elaborate further, but the bank has allowed crypto purchases since 2018. With over five million UK credit card accounts, the move signals growing caution among traditional banks toward speculative crypto trading.
The policy shift aligns with broader UK discussions on whether stricter rules are needed to curb credit-fuelled crypto investments.
