Barclays to Block Credit Card Crypto Purchases
Barclays will block all cryptocurrency purchases using its credit cards from June 27, 2025, according to a notice published on the bank’s website. The move sees another major UK bank join the ranks of institutions cutting their links to consumer crypto access.
Why Barclays Is Taking a Hard Line
The bank cited crypto market volatility and borrowing concerns. It argues that the volatility of digital assets would leave cardholders vulnerable to outstanding balances and a deficiency of protections. Since crypto transactions are not protected by the UK’s Financial Ombudsman Service or Financial Services Compensation Scheme, customers can lose funds with no recourse.
A Pattern of Crypto Skepticism
Barclays’ clampdown comes after a history of crypto circumspection. In 2021, the bank froze one customer’s account for trying to make a transfer to Crypto.com, amid criticism of its uneven approach to digital asset transactions compared to gambling.
The policy puts Barclays in line with other big banks—Chase UK, Bank of America, and Starling—all of which have blocked or restricted crypto-related card use.
Industry Reaction: Mixed Views
The Payments Association has publicly decried such bans as restrictive and unfair. In 2023, the organization expressly objected to a UK proposal for prohibiting credit card crypto purchases on the basis that informed consumers ought to continue having access to financial products, even for riskier assets.
What Options Remain for Crypto Users?
Barclays customers who remain interested in crypto must look elsewhere. Debit cards, Apple Pay, Google Pay, and services like MoonPay can offer alternative channels, though several UK banks— including NatWest and Metro Bank—have also imposed restrictions or bans.
MoonPay reports that banks like RBS have more permissive policies, though this could change as regulatory pressure ramps up.
Blockchain for Banks, Not the Public
Interestingly, Barclays is not out of blockchain—just not for retail clients. It became part of JPMorgan’s Onyx tokenized collateral pilot alongside BlackRock, which is an indicator of the bank’s ongoing investment in institutional blockchain applications in spite of prohibiting customer-facing cryptocurrency transactions.
Barclays’ stance illustrates the tension between embracing the technology of blockchain and limiting the use of the digital assets that enable it.
