UK bank limits crypto transactions amid consumer risks
Concerns over consumer risks have led Barclays to block cryptocurrency transactions on its cards starting June 2025.
Barclays Bank has announced it will block all cryptocurrency transactions made using its bank cards, including Barclaycard credit cards, starting 27 June 2025.
The decision reflects growing concerns about digital currencies’ risks to consumers, particularly the high volatility that can lead to debt. The bank’s statement cited the lack of consumer protections as a key factor.
Cryptocurrencies aren’t covered by the Financial Ombudsman or Compensation Scheme, leaving customers few options if transactions fail. Barclays warned that price falls could prevent some customers from repaying debts incurred from crypto purchases.
The cautious stance mirrors broader trends among UK banks and regulators. The Financial Conduct Authority has repeatedly highlighted the dangers of unregulated crypto markets. Barclays encouraged customers to educate themselves via the FCA’s resources.
Meanwhile, the Bank of England plans to introduce stricter rules limiting banks’ crypto exposure by 2026, aiming to safeguard financial stability.
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