25.06.2025 20:55
Barclays, a major UK investment bank, will prohibit its customers from using bank cards for any cryptocurrency transactions starting June 27th. This significant policy shift, reported by Cointelegraph on X, will substantially alter how many UK residents acquire digital assets like Bitcoin and Ethereum. The change necessitates immediate attention from all Barclays customers who utilize their cards for crypto purchases.
This sweeping ban from Barclays has created considerable disruption within the UK's cryptocurrency community. Previously, many found it simple and convenient to buy cryptocurrencies directly or fund exchange accounts using their Barclays debit or credit cards. Now, as of June 27th, these transactions will be automatically blocked. The action represents a clear statement from a leading UK financial institution concerning its views on direct card-based cryptocurrency purchases.
Barclays' decision is not an isolated incident. Globally, and within the UK itself, numerous traditional banks have introduced similar restrictions or intensified their monitoring of crypto transactions. These actions are frequently justified on several grounds, including the inherent risks associated with the digital asset market.
Specifically, banks often emphasize fraud prevention as a key driver. The irreversible nature of cryptocurrency transactions makes them appealing to fraudsters who can easily exploit them to steal funds. Furthermore, the volatile nature of cryptocurrencies and the still-developing regulatory landscape contribute to concerns about consumer protection. Banks also frequently cite their need to comply with anti-money laundering (AML) and know-your-customer (KYC) regulations, expressing worries about the potential for illicit activities within the broader cryptocurrency ecosystem, even if reputable exchanges maintain robust AML/KYC protocols. These combined factors have led to a significant tightening of banking policies regarding cryptocurrency transactions across numerous institutions.
