Barclays, one of the leading banks in the UK, has announced that it will block all cryptocurrency purchases made using credit cards starting June 27, 2025. This move underscores the growing tension between digital assets and traditional finance.
Overview of Barclays' Crypto Transaction Ban
According to a notice on its official website, Barclays explains its decision by citing concerns over market volatility and consumer debt risks. The bank noted that sudden price drops could leave cardholders unable to repay borrowed funds. Additionally, the bank emphasized that cryptocurrency purchases are not protected like traditional investments, further reinforcing its stance.
Reactions to Barclays' Decision
Barclays' ban on credit card transactions for cryptocurrencies is the latest initiative in a long-standing struggle between UK banks and digital assets. This policy reflects Barclays' longstanding skepticism toward cryptocurrencies. In 2021, users already faced issues when the bank froze their accounts based on attempts to transfer funds to crypto services.
What Alternatives Do Customers Have?
With Barclays exiting the credit transaction space, UK cryptocurrency users are left with fewer mainstream avenues to access the market. Some banks, such as RBS, remain more open to crypto activity, while others, like NatWest and Metro Bank, have tightened restrictions or outright blocked transactions.
Barclays' decision continues the trend seen among major financial institutions that either fully block or strictly regulate crypto transactions. Users should consider alternative payment methods such as debit cards or third-party services.
