Barclays, one of the major financial institutions in the UK, has announced that it will be blocking all cryptocurrency transactions on its bank cards starting June 27th. The decision was made due to the volatile nature of cryptocurrencies and the fact that they are uninsured assets.
In a recent announcement, Barclays stated, “It’s not possible to make cryptocurrency transactions using a Barclaycard. From 27 June 2025, we’ll block crypto transactions made with a Barclaycard because we recognize there are certain risks with purchasing cryptocurrencies. We’re doing this because a fall in the price of crypto assets could lead to customers finding themselves in debt they can’t afford to repay. 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.”
Despite the ban on crypto assets, reports suggest that Barclays has invested a significant amount into IBIT, BlackRock’s Bitcoin exchange-traded fund (ETF), which is currently the largest BTC-based ETF by trading volume. In February, Barclays disclosed that it holds 2,473,064 shares of IBIT, valued at nearly $137 million at the time.
IBIT is currently trading at 60.98, showing a 1.5% increase over the last 24 hours.
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Featured Image: Shutterstock/vvaldmann/Natalia Siiatovskaia
