Barclays Bans Credit Card Crypto Transactions from June 27 Amid Consumer Risk Concerns

HKAN | June 25

Barclays has announced that, effective June 27, 2025, its Barclaycard customers will no longer be able to buy cryptocurrencies using credit cards. The decision comes as part of the bank’s effort to protect consumers from the risks associated with volatile digital assets .

 

 

Why Barclays Is Cutting Off Crypto Purchases

 

Barclays is citing concerns over consumer exposure to high-risk, high-volatility assets and the potential for customers to accumulate unmanageable debt. The bank has stated:

 

“From 27 June 2025, we’ll block crypto-transactions made with a Barclaycard because we recognise there are certain risks with purchasing cryptocurrencies.”  

 

 

 

This move closely aligns with actions from the UK’s Financial Conduct Authority (FCA), which has recently emphasized the dangers of crypto exposure via credit.

 

 

 

Impact on Retail Crypto Investors

 

By barring credit card purchases for crypto, Barclays may:

 

Reduce retail-driven crypto investment in the UK

 

Push users to use debit cards or bank transfers instead

 

Signal increased caution among financial institutions toward crypto exposure

 

 

 

Wider Regulatory Context

 

Barclays’ ban isn’t isolated. Several UK banks have recently tightened rules following FCA warnings aimed at limiting consumer access to high-risk crypto assets via credit products .

 

Industry analysts warn that more debt-driven crypto activity may be curtailed as regulators and lenders act to shield consumers.

 

 

What’s Next?

 

The ban takes effect June 27, 2025, with no prior opt-out

 

Customers wanting to buy crypto must now use debit cards or bank transfers

 

Other UK lenders may follow suit under FCA guidance

 

Bottom Line: Barclays’ move underscores the growing emphasis on consumer protection and responsible crypto access. As the industry evolves, so too will the methods of entry into the digital asset space for everyday investors.