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.
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