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Barclays Bank bans credit card purchases of Crypto Assets.
Gate News bot news, on June 30, Barclays Bank announced that it will prohibit the use of its credit cards to purchase Crypto Assets starting from June 27, 2025, joining the ranks of UK banks implementing restrictions on Crypto Assets trading.
Barclays Bank stated on its Barclays Card website that the implementation of this ban is due to the recognition of the risks associated with purchasing Crypto Assets. The bank explained that the decline in Crypto Assets prices could put customers in debt, while also pointing out that digital assets are not covered by existing banking and financial protections.
The UK Financial Conduct Authority (FCA) has previously stated that it is seeking a comprehensive ban on all credit-related purchases of Crypto Assets. According to a YouGov survey, as of August 2024, 14% of UK Crypto Assets investors used some form of credit card or credit tool to purchase Crypto Assets, up from 6% in August 2022.
Before Barclays Bank, JPMorgan UK, HSBC, and Nationwide also took similar measures in 2023.