Barclays Bank Bans Cryptocurrency Purchase With Credit Cards

Barclays Bank has decided to ban cryptocurrency purchases using its credit card. The ban will be enforced from June 27 onwards. The move is a stark opposition to other platforms that have made crypto purchases easier for customers. The ban could lead to a dip in retail investments in the crypto sector.

Why Has Barclays Bank Decided To Ban Cryptocurrency Purchases With Credit Cards?

The crypto sector is plagued with risks. The budding asset class has seen incredible adoption over the last few years. Despite the incremental growth, the industry has a history of aggressive volatility.

According to the bank’s website, “From 27 June 2025, we’ll block crypto-transactions made with a Barclaycard because we recognise there are certain risks with purchasing cryptocurrencies.”

The ban was first mentioned earlier this year in February in regards to Barclays’ US operations. Paul Wilmore, managing director at Barclaycard, had stated, “We are making the decision that we will likely not allow cryptocurrency purchases on the card.“

The decision to halt cryptocurrency purchases with their credit cards seems to have spread to the United Kingdom.

MasterCard recently partnered with Chainlink to allow cardholders to buy cryptocurrencies directly onchain. Barclays’ decision seems to be on the other side of the court.

However, the trend of people turning to use more stablecoin USDT, USDC digital currencies has raised concerns that the future may have an impact on the country’s main currency, making it impossible to resolve the situation any longer.

Will The Sector Suffer?

Halting cryptocurrency purchases with a credit card could have negative reverberations for the sector. We could see a dip in retail investments over the next few months.

The crypto market is only just recovering from its recent dip. Global geopolitical tensions and trade wars have led to a substantial rise in uncertainty. The Federal Reserve’s decision to keep interest rates unchanged has also led to retail investors taking a back seat. Lower interest rates would have made borrowing easier. Such a scenario often leads to investors taking more risks.

What is Barclays Bank?

Barclays Bank is a major British commercial bank headquartered in London. With a history of over 300 years, it is one of the oldest and most influential banks in the world.

Barclays Summary:

• Founded: 1690 (London)
• Headquarters: London, England
• Services: Worldwide
• Main Business:
  Commercial Banking
  Retail Banking
  Investment Banking
  Credit Cards
  Personal Loans and Asset Management

Barclays Bank Highlights

• Barclays is one of the “Big Four” banks in the UK (along with HSBC, Lloyds, and NatWest).
• It has international presence in many countries, particularly in Europe, the US, and Africa.
• It has been a relatively early adopter of financial technology, such as online banking, mobile apps, and digital payments.

Barclays Bans Cryptocurrency Purchase With Credit Cards Summary

Barclays Bank announced a ban on credit card crypto purchases, effective June 27, 2025, citing the high risk of the crypto market. Despite its rapid growth, it remains highly volatile. This ban could affect retail investment, and it goes against other companies such as Mastercard, which have begun to directly support crypto purchases. Barclays has stated this position since February in the US and has expanded to the UK. The shift to more stable digital coins could affect the national currency in the future. The situation in the crypto market has not fully recovered from the previous downturn, and with stable interest rates, retail investors are holding back on investing. The ban could further pressure the crypto sector in the short term, while many are watching for possible wider impacts.

Reference: Cointelegraph

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