Barclays to Block Crypto Transactions on Credit Cards from June 27
United Kingdom-based bank Barclays will begin blocking crypto transactions made through its Barclaycard credit cards starting Friday, citing risks associated with cryptocurrencies volatility.
According to the bank’s website, the decision was based on concerns over volatile token prices and the lack of regulatory guardrails for investors. “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,” said Barclays, adding that:
“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.”
A Barclays spokesperson declined to…
