Barclays Doubles Down on Crypto Crackdown—Just as Adoption Goes Mainstream

Barclays slams the brakes on crypto transactions while the rest of finance floors it toward adoption. The UK banking giant quietly updated its terms this week—blocking customers from moving funds to exchanges, P2P platforms, and even some crypto-friendly neobanks.

Why now? The timing reeks of institutional whiplash. Retail and corporate crypto demand hit record highs this quarter, with FCA data showing UK crypto transactions up 210% year-over-year. Meanwhile, Barclays’ own investment arm has been quietly accumulating Bitcoin ETFs.

The bank’s official line? ‘Protecting customers from volatility.’ The likely truth? Old money struggling to control the pipes as value floods toward decentralized rails. Classic case of ‘if you can’t beat ‘em, choke their on-ramps.’

One cynical take: This smells like compliance theater from an institution that happily laundered drug money for cartels until 2021. But sure—protect us from those dangerous Bitcoin ‘risks.’

“From 27 June 2025, we’ll block crypto-transactions made with a Barclaycard because we recognize there are certain risks with purchasing cryptocurrencies,” the bank adds. Barclays’ statement clarifies the ban targets all credit card transactions, aiming to shield customers from potential financial ruin. 

While the U.K. government aims to integrate crypto firms with transparency rules, Barclays’ action reflects a cautious stance. 

Moreover, cryptocurrency adoption is rapidly surging, and more banks from Europe and across the globe are integrating crypto assets for their customers. But this surprising MOVE from Barclays Bank has raised a serious discussion. 

Also read: Nasdaq-listed Aurora Mobile to Buy Bitcoin, Ethereum, Solana, and Sui