Barclays Joins UK Banking Peers in Banning Crypto Purchases via Credit Cards

Barclays will prohibit cryptocurrency purchases using credit cards starting June 27, aligning with Santander, NatWest, Halifax and Lloyds in a growing industry trend. The restriction covers both direct crypto transactions and cash advances funneled to trading platforms through third parties.

Debit card purchases and bank transfers remain permissible, drawing a clear line between speculative investing with borrowed funds and transactions using existing capital. "Volatility, fraud risks and lack of consumer protections make credit-fuelled crypto exposure untenable," the bank stated, echoing widespread financial sector concerns.

UK regulators have watched closely as lenders progressively wall off unsecured crypto leverage. The coordinated moves suggest institutional skepticism toward retail investors taking debt-funded positions in digital assets during turbulent market conditions.