Barclays to block crypto purchases via credit cards from June 27 over fraud and volatility fears

Barclays will block cryptocurrency acquisitions made with credit cards starting June 27, warning that wild price swings can push cardholders into unmanageable debt and citing the lack of consumer protection as key factors.“There's also no protection for crypto assets if something goes wrong with a purchase, as they're not covered by the Financial Ombudsman Service and Financial Services Compensation Scheme,” a notice on the bank’s help page reads.Several UK lenders have taken similar steps. In 2023, JPMorgan Chase's UK division banned card-funded crypto purchases after a surge in scam claims. TBC Bank and Llodys Bank also blocked exchange deposits and axed crypto purchases using credit cards.Payment networks, however, keep expanding crypto access. On Monday, Mastercard teamed with Chainlink to let cardholders swap fiat for tokens directly onchain.Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.© 2025 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.