- Barclays stops all crypto purchases on credit cards from June 27, 2025.
- The move aligns with broader FCA caution over crypto risks.
- Customers can still withdraw crypto funds but cannot pay via card.
Starting June 27, 2025, Barclays will block all cryptocurrency transactions made using credit cards. This means customers can no longer use Barclaycard to buy or deposit funds on crypto platforms. The change affects both credit and debit card payments, though debit restrictions may vary based on the transaction type.
Why Barclays Is Taking This Step
Barclays cited concerns over the financial risks and volatility of cryptocurrency investments. The move follows increased warnings from the UK’s Financial Conduct Authority (FCA), which has been urging banks to protect consumers from potential losses associated with crypto trading.
Other UK banks like HSBC, Monzo, and NatWest have taken similar steps in the past. These measures reflect the growing regulatory pressure on financial institutions to distance themselves from crypto platforms that might not follow strict compliance standards.
What This Means for Customers
- Crypto purchases using cards will be declined from June 27 onward.
- Withdrawals from crypto platforms will still be allowed, so you can move your funds back to your bank account.
- Customers will need to use alternative methods like bank transfers or crypto-friendly payment services for new investments.
Navigating the Shift
Alternative Payment Options
With card payments blocked, crypto investors can switch to:
- Bank transfers, which are slower but widely accepted.
- E-wallets like PayPal (if supported by the exchange).
- Crypto on-ramps that convert fiat to crypto directly through linked bank accounts.
Staying Informed and Safe
It’s important to monitor communications from Barclays and remain updated on FCA guidelines. These changes signal a broader effort to add consumer protections in the fast-evolving digital asset space.
Final Take
Barclays’ decision to ban credit card crypto transactions aligns with a UK banking trend aimed at managing risk and regulatory compliance. While it may be inconvenient for some users, the move highlights the importance of secure and transparent financial practices when dealing with cryptocurrencies.
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