UK Barclays to Fully Ban Cryptocurrency Purchases with Credit Cards Starting June 27

Barclays Bank has announced that starting June 27, it will fully ban the purchase of cryptocurrencies using credit cards. The bank cites severe price volatility, which could plunge cardholders into unsustainable debt, and inadequacies in consumer protection systems as the primary reasons for this decision. The official notice from the bank states that 'the potential for customers to incur debts they cannot repay due to the depreciation of cryptocurrency assets is significant, and such purchases are not covered by the Financial Ombudsman Service or the Financial Services Compensation Scheme.' There is also a precedent set by the UK division of JPMorgan Chase, which banned card purchases of cryptocurrencies in 2023 following a surge in fraud claims.