Despite a growing appetite to engage with crypto and digital currencies in the UK, Barclaycard has taken the decision to block customers from purchasing cryptocurrencies from June 27.
The card company published a notice on its website stating it will block crypto transactions made with Barclaycard debit and credit cards as it believes there are still “certain risks with purchasing cryptocurrencies”.
Barclaycard cited the volatility that comes with handling cryptocurrencies as a cause for the decision, concerned about the risks which could lead to its customers falling into debt they may not be able to repay if the market declines.
This follows similar moves taken by other UK banks such as HSBC and Nationwide, who also banned the purchase of cryptocurrencies on their credit cards in 2023.
At the time, Nationwide implemented ban on credit card purchasing of crypto and set a £5,000 daily limit for its debit card users. The bank and building society also cited “certain risks” related to the volatility of digital currencies, guiding users to read the Financial Conduct Authority’s (FCA) guidelines around crypto protection.
Within its statement, Barclaycard also highlighted that there is no protection for customers if a cryptocurrency purchase goes wrong – internet connection failing, crypto wallet hacks – as the instruments are not covered by the Financial Ombudsman Service and Financial Services Compensation Scheme.
More regulatory work to be done?
The FCA has oversight over the UK’s crypto sector. In October 2023, the regulator implemented crypto promotion and marketing rules to protect consumers from potentially ‘risky’ ad and promotional campaigns which promote crypto investment, with UK operating companies being mandated to include risk warnings.
More recently, in May 2025, the FCA began implementing restrictions on credit card purchases of crypto and crypto lending services.
The FCA has been working alongside key policymakers and organisations in the crypto sector to formulate the country’s first crypto regulatory framework. This was announced on April 29 by Chancellor Rachel Reeves; key aspects of the proposed crypto regulatory roadmap includes bringing crypto assets under the same investor class as traditional financial assets, as well as relaxed restrictions for international stablecoin issuers.
