Barclays is putting a stop to crypto purchases made with credit cards, and the change kicks in this Friday on June 27th. Customers will no longer be able to use their Barclays credit cards to buy digital assets like Bitcoin or Ethereum, either directly or through apps that offer crypto services. It’s a notable move from one of the UK’s biggest banks and adds to a growing list of restrictions being placed on how everyday users can access crypto.
The Thinking Behind the Ban
Barclays says the decision comes down to customer safety. With crypto prices swinging sharply and scams still a concern, the bank has decided that using borrowed money to chase volatile digital assets just doesn’t make sense. While the bank hasn’t shut down crypto access entirely, it’s drawing a clear line between spending cash you have and taking on debt to make a speculative bet.
⚠️ @Barclays has said that will block all crypto purchases on Barclaycard starting June 27.
The bank cites high risk, wild price swings, and zero buyer protection as reasons. pic.twitter.com/DBwURQH9Tj
— Protos (@Protos) June 25, 2025
This change also brings Barclays in line with what other UK banks have already done. Santander, NatWest, Halifax, and Lloyds have all blocked crypto purchases via credit cards over the past year. For banks, it’s less about opposing crypto and more about limiting the financial risk tied to unsecured borrowing in a market that remains unpredictable.
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What Customers Can Expect
If you’re a Barclays customer and you’ve used your credit card to buy crypto, that option will be off the table by the end of the week. The bank is notifying users through its app and online banking services so that no one is caught by surprise. Debit card purchases and bank transfers will still work as usual, so customers aren’t being locked out of crypto entirely. But they will need to use funds they already have, not borrowed ones.
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The ban also applies to cash advances used to fund crypto purchases on third-party platforms. So even if the purchase isn’t directly made through a crypto exchange, if the bank sees that credit is being used for crypto-related activity, it will likely block the transaction.
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Part of a Bigger Picture
This decision is not happening in isolation. UK regulators, especially the Financial Conduct Authority, have been vocal about the risks of crypto investing, particularly when people use borrowed money. Reports have shown a rise in crypto-related debt complaints, with consumers falling into financial trouble after betting on price moves that didn’t work out.
The FCA has been urging financial institutions to take a closer look at how customers are exposed to crypto. Some of that pressure is now translating into real policy shifts. Barclays’ new restriction is just the latest example of that trend.
Where This Could Lead
It wouldn’t be surprising if more banks in the UK follow suit in the coming weeks. Some already have similar policies in place, and others are reviewing their stance. Outside the UK, banks in Europe are also starting to reconsider how credit card products interact with digital assets. In the United States, the conversation is more fragmented, but the regulatory attention is growing there too.
As crypto continues to move into the mainstream, financial institutions are trying to figure out where they stand. For now, Barclays is drawing a clear boundary. Borrowing to buy crypto is off the table. If you want to invest, you’ll have to do it with your own money.
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Key Takeaways
Barclays will block all credit card crypto purchases starting June 27, affecting both direct buys and transactions through third-party apps.
The bank cites customer safety and market volatility as the main reasons for banning crypto purchases made with borrowed funds.
Debit card and bank transfer options will still be available for crypto buys, but customers must use their own funds.
Barclays joins other UK banks like Santander and NatWest in restricting crypto buys via credit, in line with regulator pressure.
This move reflects a growing trend of banks limiting credit-based exposure to crypto due to rising concerns about risk and debt.
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