Barclays Restricts Credit Card Crypto Purchases Amid Regulatory Concerns

Barclays has announced it will block cryptocurrency transactions on its Barclaycard credit cards effective this Friday, citing investor protection concerns.

The bank attributes the decision to crypto market volatility and the absence of regulatory safeguards, noting that customers could face unsustainable debt if asset values plummet. Unlike traditional financial products, crypto purchases are not eligible for dispute resolution or compensation under UK schemes.

While Barclays has permitted crypto transactions since 2018, the new restriction reflects heightened caution among financial institutions. The policy change coincides with ongoing UK discussions about imposing stricter controls on credit-based crypto trading.

A Barclays spokesperson declined to provide additional comments on the decision.