Barclays to Block Credit Card Crypto Purchases Amid Rising Risks

Barclays Bank has announced that starting June 27, 2025, it will prohibit customers from using its credit cards to purchase cryptocurrencies. The move aims to protect clients from potential debt risks due to crypto market volatility and the lack of regulatory safeguards.

This decision aligns with a broader trend among UK banks. JPMorgan, Lloyds, and TBC Bank have already imposed similar restrictions, citing increasing fraud cases and extreme price fluctuations in digital assets. Unlike traditional investments, crypto transactions are not covered by the Financial Ombudsman Service or the Financial Services Compensation Scheme, leaving users vulnerable to losses.

While banks tighten controls, payment networks like Mastercard are exploring blockchain integration. Mastercard’s partnership with Chainlink seeks to enable direct fiat-to-token conversions, indicating a divergence in strategy between conservative banking and fintech innovation.

Barclays’ policy reflects UK financial institutions’ cautious stance toward crypto. Although debit card and bank transfer purchases remain unaffected, the restriction limits speculative trading via credit—a step that may evolve as regulations mature.$ETH