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Barclays Blocks Crypto Purchases with Credit Cards
Barclays bans crypto purchases with credit cards from June 27, 2025.
Volatility and lack of regulatory protection drive the decision. UK investors can still use debit cards or bank transfers for crypto. Other banks like Lloyds also restrict crypto transactions. Fintech platforms may see increased demand for crypto access.
Barclays Bank will block all crypto transactions made with its credit cards, including Barclaycard, starting June 27, 2025. The decision aims to shield customers from financial risks tied to the volatile cryptocurrency market.
The bank stated on its website that a sharp decline in crypto prices could leave customers with unmanageable debt. Unlike traditional investments, digital assets lack protection from the Financial Ombudsman Service or the Financial Services Compensation Scheme.
Why Barclays Imposed the Ban
Barclays cited the high volatility of cryptocurrencies as a primary concern. Price swings can lead to significant losses, especially for customers using credit to invest.
The bank emphasized consumer safety, noting that crypto purchases carry unique risks. Without regulatory safeguards, customers have limited recourse if transactions fail or assets lose value.
This move aligns with the UK Financial Conduct Authority’s efforts to curb fraud and financial instability linked to speculative crypto investments. Barclays directed customers to the FCA’s website for guidance on digital asset risks.
Impact on UK Crypto Investors
The ban restricts UK retail investors from using Barclays credit cards to buy cryptocurrencies like Bitcoin or Ethereum. This could reduce impulsive purchases but may push investors toward alternative payment methods.
Debit cards and bank transfers remain viable options for Barclays customers. Platforms like eToro, registered with the FCA, allow GBP deposits for crypto trading. Services such as Revolut also offer in-app crypto purchases.
Other UK banks, including Lloyds and NatWest, have imposed similar restrictions. Around 47% of major UK banks limit or block crypto-related transactions, citing fraud and money laundering concerns.
Industry reactions vary. Some argue the ban limits consumer freedom, equating crypto investments to gambling. Others view it as a prudent step to protect inexperienced investors from high-risk markets.
Barclays’ decision follows its earlier restrictions, such as blocking payments to Binance in 2021. Despite the ban, the bank holds a $131 million stake in BlackRock’s iShares Bitcoin Trust, highlighting a contrast between institutional and retail access to crypto.
The policy may drive demand for fintech solutions. Digital wallets and account-to-account payments via open banking could gain traction as investors seek crypto-friendly alternatives.
#CryptoTransactions #BarclaysBan #Cryptocurrency #UKFinance #ConsumerProtection
Volatility and lack of regulatory protection drive the decision. UK investors can still use debit cards or bank transfers for crypto. Other banks like Lloyds also restrict crypto transactions. Fintech platforms may see increased demand for crypto access.
Barclays Bank will block all crypto transactions made with its credit cards, including Barclaycard, starting June 27, 2025. The decision aims to shield customers from financial risks tied to the volatile cryptocurrency market.
The bank stated on its website that a sharp decline in crypto prices could leave customers with unmanageable debt. Unlike traditional investments, digital assets lack protection from the Financial Ombudsman Service or the Financial Services Compensation Scheme.
Why Barclays Imposed the Ban
Barclays cited the high volatility of cryptocurrencies as a primary concern. Price swings can lead to significant losses, especially for customers using credit to invest.
The bank emphasized consumer safety, noting that crypto purchases carry unique risks. Without regulatory safeguards, customers have limited recourse if transactions fail or assets lose value.
This move aligns with the UK Financial Conduct Authority’s efforts to curb fraud and financial instability linked to speculative crypto investments. Barclays directed customers to the FCA’s website for guidance on digital asset risks.
Impact on UK Crypto Investors
The ban restricts UK retail investors from using Barclays credit cards to buy cryptocurrencies like Bitcoin or Ethereum. This could reduce impulsive purchases but may push investors toward alternative payment methods.
Debit cards and bank transfers remain viable options for Barclays customers. Platforms like eToro, registered with the FCA, allow GBP deposits for crypto trading. Services such as Revolut also offer in-app crypto purchases.
Other UK banks, including Lloyds and NatWest, have imposed similar restrictions. Around 47% of major UK banks limit or block crypto-related transactions, citing fraud and money laundering concerns.
Industry reactions vary. Some argue the ban limits consumer freedom, equating crypto investments to gambling. Others view it as a prudent step to protect inexperienced investors from high-risk markets.
Barclays’ decision follows its earlier restrictions, such as blocking payments to Binance in 2021. Despite the ban, the bank holds a $131 million stake in BlackRock’s iShares Bitcoin Trust, highlighting a contrast between institutional and retail access to crypto.
The policy may drive demand for fintech solutions. Digital wallets and account-to-account payments via open banking could gain traction as investors seek crypto-friendly alternatives.
#CryptoTransactions #BarclaysBan #Cryptocurrency #UKFinance #ConsumerProtection
Stablecoins bajo control: El GENIUS Act que transformará el mercado cripto.
El GENIUS Act, recientemente reintroducido en la agenda del Senado de EE.UU., representa un avance significativo en la regulación de las stablecoins, especialmente aquellas vinculadas al dólar estadounidense. Tras una votación inicial muy ajustada (49-48), el proyecto ha sido modificado para incorporar medidas más estrictas en prevención de lavado de dinero, seguridad nacional, protección al consumidor y estabilidad financiera, lo que ha permitido obtener el apoyo necesario para su discusión formal.
Una de las novedades técnicas más relevantes es la exigencia de respaldo 1:1 para las stablecoins emitidas, garantizando que cada unidad digital esté cubierta por un dólar en reservas reales. Además, se establece una supervisión dual a nivel federal y estatal, junto con auditorías periódicas y sanciones claras para los emisores, lo que mejora la transparencia y reduce riesgos sistémicos.
Sin embargo, el proyecto enfrenta críticas, especialmente desde sectores demócratas, por no incluir medidas específicas contra posibles conflictos de interés relacionados con inversiones criptográficas de figuras políticas, como la familia Trump. Este punto refleja la complejidad política que rodea la regulación cripto en EE.UU.
#GENIUSAct #StablecoinDebate #ConsumerProtection
Una de las novedades técnicas más relevantes es la exigencia de respaldo 1:1 para las stablecoins emitidas, garantizando que cada unidad digital esté cubierta por un dólar en reservas reales. Además, se establece una supervisión dual a nivel federal y estatal, junto con auditorías periódicas y sanciones claras para los emisores, lo que mejora la transparencia y reduce riesgos sistémicos.
Sin embargo, el proyecto enfrenta críticas, especialmente desde sectores demócratas, por no incluir medidas específicas contra posibles conflictos de interés relacionados con inversiones criptográficas de figuras políticas, como la familia Trump. Este punto refleja la complejidad política que rodea la regulación cripto en EE.UU.
#GENIUSAct #StablecoinDebate #ConsumerProtection
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