Barclays Prohibits Crypto Purchases via Credit Cards Beginning June 27th
Starting this Friday, June 27th, Barclays will halt crypto purchases made using credit cards. Customers will no longer have the option to use their Barclays credit cards for acquiring digital currencies such as Bitcoin or ETH, either directly or via applications that provide crypto services. This significant action from one of the UK’s major banks adds to the increasing limitations placed on how regular users can obtain crypto.
Reasons for the Ban
Barclays states that the choice is primarily about customer protection. With the market fluctuation of crypto prices and the ongoing issues with scams, the bank believes that borrowing money to invest in unpredictable digital assets is illogical. While the bank isn’t completely closing off access to crypto, it is clearly distinguishing between using disposable cash and incurring debt for a speculative investment.
@Barclays has announced that it will prohibit all crypto acquisitions on Barclaycard starting June 27.
The bank refers to high risks, extreme price fluctuations, and lack of buyer safety as the rationale. pic.twitter.com/DBwURQH9Tj
— Protos (@Protos) June 25, 2025
This change aligns Barclays with other UK banking institutions that have already implemented similar measures. Over the past year, Santander, NatWest, Halifax, and Lloyds have all restricted credit card cryptocurrency purchases. For banking entities, it’s less about opposing crypto and more about reducing the financial risks associated with unsecured loans in a volatile crypto market.
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What Customers Can Anticipate
For Barclays clients who have utilized their credit card for crypto purchases, this option will cease by week’s end. The bank is informing customers via its app and online banking services to prevent any surprises. Debit card transactions and bank transfers will continue to function as usual, ensuring that customers are not completely excluded from crypto. However, they will need to use their own available funds, rather than borrowed money.
The ban extends to cash advances when used to finance crypto purchases on external platforms. Therefore, even if the transaction is not actually conducted through a crypto exchange, if the bank determines that credit is being applied for crypto-related purposes, it will most likely block the transaction.
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A Broader Context
This decision is part of a larger trend. UK regulators, particularly the Financial Conduct Authority, have been outspoken about the hazards of crypto investing, especially when consumers are using borrowed funds. Reports indicate an uptick in complaints regarding crypto-related debt, with individuals encountering financial difficulty after speculating on price fluctuations that led to losses.
The FCA has been pressing financial institutions to carefully assess how customers engage with crypto. This pressure is beginning to manifest in genuine policy changes. Barclays’ recent restriction is merely the latest illustration of that evolution.
Potential Implications
It would not be unexpected for more banks in the UK to adopt similar measures in the forthcoming weeks. Some already have analogous policies, while others are reassessing their positions. In other parts of Europe, banks are also beginning to rethink how credit card services interact with digital currencies. In the United States, the dialogue is less cohesive, but regulatory scrutiny is increasing there as well.
As crypto progressively enters the mainstream, financial institutions are attempting to determine their position. At present, Barclays is establishing a definitive boundary. Utilizing credit to invest in crypto is not allowed. If you wish to invest, it must be done using your own money.
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Key Takeaways
- Barclays will stop all credit card crypto transactions starting June 27, affecting both direct purchases and those through third-party applications.
- The bank highlights customer safety and market instability as key justifications for prohibiting crypto purchases made with financed funds.
- Debit card and bank transfer options for crypto transactions will still be available, but clients must utilize their own funds.
- Barclays is following in the footsteps of other UK banks such as Santander and NatWest in restricting crypto purchases via credit cards, responding to regulatory pressure.
- This action highlights a growing trend among banks to limit exposure to crypto through credit due to increasing concerns regarding risk and debt.
The post Barclays Bans Credit Card Crypto Purchases Starting June 27th appeared first on 99Bitcoins.
