Barclays bans credit card crypto buying months after backing bitcoin ETF
Banking giant Barclays is prohibiting its customers from buying crypto using its credit cards this week, despite investing $131 million into BlackRock’s bitcoin (BTC) ETF holdings almost six months ago.
Barclays announced today that it will ban crypto transactions via Barclaycard on June 27 due to the “risks” of crypto, including its high volatility that can leave “customers finding themselves in debt they can’t afford to repay.”
It noted that crypto assets aren’t covered by UK compensatory schemes or the country’s Financial Ombudsman Service.
The crypto ban comes just six months after Barclays decided to invest millions in buying shares in the iShares Bitcoin Trust on December…
