25.06.2025 21:40

Barclays will prohibit the use of Barclaycard credit cards for all cryptocurrency transactions starting June 27th, 2025. This decision, announced via a notice on their website, affects all attempts to purchase digital assets using their credit cards, resulting in automatic transaction declinations.

The bank's rationale for this ban stems from several key concerns. Specifically, Barclays cites the inherent volatility of cryptocurrency markets, the potential for consumers to incur unsustainable debt, and the lack of comprehensive legal protections for buyers of crypto assets. Crucially, the bank highlights that crypto investments lack the safeguards provided by organizations such as the Financial Ombudsman Service and the Financial Services Compensation Scheme.

This move by Barclays reflects a broader trend of increased regulatory oversight within the $2 trillion digital asset market. Interestingly, the ban contrasts with a recent revelation that a Barclays subsidiary owns a significant stake—approximately $131 million—in BlackRock's iShares Bitcoin ETF. This discrepancy underscores the widening disparity between institutional and retail investor access to cryptocurrencies.

The decision from Barclays, obtained from internet sources, showcases the ongoing tension between the growing institutional adoption of cryptocurrencies and the regulatory hurdles faced by retail investors. The implementation of this ban signals a clear shift in the landscape, likely impacting the accessibility of cryptocurrencies for a large segment of the UK population.