Barclays Credit Card Crypto Ban Renews Calls for Better Consumer Education
Starting 27 June, UK bank Barclays is blocking all attempts to buy crypto via its Barclaycard credit cards, citing “certain risks with purchasing cryptocurrencies”.
Barclays quietly announced the move to block crypto transactions on its Barclaycard website, on an FAQ page, shortly before it began enforcing the ban. On the page, it says it made the decision because falls in the prices of crypto assets “could lead to customers finding themselves in debt they can’t afford to repay”.
It says that the lack of consumer protections for cryptoassets is a key driver behind the decision, as these transactions are not covered by the Financial Ombudsman Service or the Financial Services Compensation Scheme.
While other major retail banks,…
