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Barclays to Ban Credit-Card Crypto Purchases Starting Friday
Barclays said it will block cryptocurrency transactions on Barclaycard as of June 27 because of "certain risks" when purchasing crypto.
Updated Jun 25, 2025, 4:36 p.m. Published Jun 25, 2025, 4:31 p.m.
What to know:
- Barclays is set to stop customers from using their credit cards to purchase cryptocurrency.
- "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," Barclays said.
- While banks preventing customers using their credit cards to purchase crypto is nothing new, it is unclear why Barclays has put this restriction in place now.
Barclays (BARC), one of the U.K.'s largest banks, said it will stop customers using their credit cards to purchase cryptocurrency by the end of the week.
The London-based company will block cryptocurrency transactions on its Barclaycard-branded payment cards starting June 27, it said on a website page published Wednesday. The page cited "certain risks" when purchasing crypto.
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"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," the page reads. "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."
The FSCS reimburses up to 85,000 pounds ($116,000) to customers who lose money if an institution covered by the program fails.
While banks preventing customers using their credit cards to purchase crypto is nothing new, it is unclear why Barclays has put this restriction in place now. Rival institutions Nationwide and HSBC did something similar back in March 2023 at a time when wounds from the collapse of multiple crypto firms in 2022 were still fresh.
The bank did not provide further comment on this matter when contacted by CoinDesk.
CORRECT (June 25, 16:37 UTC): Correct acronym for Financial Services Compensation Scheme in fourth paragraph.
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KuCoin captured a record share of centralised exchange volume in 2025, with more than $1.25tn traded as its volumes grew faster than the wider crypto market.
What to know:
- KuCoin recorded over $1.25 trillion in total trading volume in 2025, equivalent to an average of roughly $114 billion per month, marking its strongest year on record.
- This performance translated into an all-time high share of centralised exchange volume, as KuCoin’s activity expanded faster than aggregate CEX volumes, which slowed during periods of lower market volatility.
- Spot and derivatives volumes were evenly split, each exceeding $500 billion for the year, signalling broad-based usage rather than reliance on a single product line.
- Altcoins accounted for the majority of trading activity, reinforcing KuCoin’s role as a primary liquidity venue beyond BTC and ETH at a time when majors saw more muted turnover.
- Even as overall crypto volumes softened mid-year, KuCoin maintained elevated baseline activity, indicating structurally higher user engagement rather than short-lived volume spikes.
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Iran accepts cryptocurrency as payment for advanced weapons
Prospective customers could purchase weapons such as missiles, tanks and drones using crypto, according to a government website.
Ano ang dapat malaman:
- Iran's Ministry of Defence Export Center is accepting cryptocurrency payments for advanced weapons systems as a means of bypassing international sanctions that the country faces.
- The offer is among the first known instances of a country accepting cryptocurrency as a means of payment for military equipment, according to the Financial Times.
- The facility for using cryptocurrency to pay for transactions involving sanctioned countries is already well established.
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