Barclays has become the latest UK bank to impose restrictions on cryptocurrency transactions by blocking credit card purchases of digital currencies starting June 27, 2025. This decision is part of a broader concern regarding the risks associated with crypto investments, particularly the potential for consumers to accumulate unsustainable debt due to fluctuating crypto prices. The Financial Conduct Authority (FCA) has been advocating for a ban on credit-based crypto purchases, highlighting the risks to consumers who may rely on the value of crypto assets to repay debts. The ban extends beyond Barclays, as banks like Nationwide and Chase UK have also introduced various restrictions on crypto purchases, demonstrating a growing trend among financial institutions to limit access to cryptocurrencies via credit channels. Critics of these restrictions argue that while banks are managing their own risks, they should not restrict customers from spending their own funds on crypto exchanges. The debate continues over the balance between consumer protection and financial freedom in the evolving cryptocurrency landscape.

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