Barclays Bans Crypto Purchases Via Credit Card

Barclays Bank will block all cryptocurrency transactions via credit cards from June 27, 2025, citing associated risks. This policy change, officially communicated by Barclays, aims to mitigate customer exposure to crypto market volatility and fraud.

Barclays Bank PLC, through its Barclaycard division, announced it will halt credit card transactions involving cryptocurrencies as a precautionary financial measure effective June 27, 2025. Barclaycard Guidance on Cryptocurrency Usage for Customers confirmed the change, highlighting the risks involved in crypto markets.

Paul Wilmore, Managing Director at Barclaycard, commented, “We are making the decision that we will likely not allow cryptocurrency purchases on the card.”

Barclays’ leadership, notably Paul Wilmore of Barclaycard, supports the move, aiming to minimize defaults caused by crypto market swings. Industry voices, such as Riccardo Tordera-Ricchi, have criticized it, arguing for consumer investment autonomy.

The ban primarily affects individuals utilizing credit cards for cryptocurrency purchases, notably in popular assets such as Bitcoin (BTC) and Ethereum (ETH). Experts predict that the withdrawal of credit-funded trades could reduce retail trading volumes.

Barclays’ policy aligns with Financial Conduct Authority (FCA) guidelines, striving to protect consumers from high-risk credit purchases. Crypto advocates argue it limits consumer rights and stifles innovation within the digital currency sphere.

Historical banking precedents have shown similar actions result in diminished retail trading but typically lead to an increase in alternative methods like bank transfers. Stakeholders anticipate adaptation, yet consequences for DeFi platforms relying on UK inflows remain uncertain.