One of the UK’s Largest Banks Makes a Disturbing Decision Regarding Cryptocurrency – Will Other Banks Take Similar Measures?

Barclays, one of the largest banks in the United Kingdom, announced that it will block its customers from making cryptocurrency transactions with their debit cards as of June 27, 2025. The bank cited the risk that customers could face debts they would not be able to repay due to the high price volatility of crypto assets behind this decision.

In the statement on Barclays’ official website, the following statements were used:

“As of June 27, 2025, crypto transactions will no longer be possible with Barclaycard. A fall in the price of crypto assets could lead to debts that customers cannot repay. Additionally, transactions made with crypto assets are not protected under the Financial Ombudsman Service (FOS) or the Financial Services Compensation Scheme (FSCS) if problems occur.”

The bank directed its customers to the UK Financial Conduct Authority (FCA) website, advising them to learn more about the basics of crypto assets and the risks they pose.

This move from the United Kingdom could also be followed by other countries aiming to impose strict controls on cryptocurrencies.

*This is not investment advice.