Barclays to Block Credit Card Cryptocurrency Transactions Starting June 27

Barclays (BARC) will prohibit customers from using credit cards for cryptocurrency purchases starting June 27. This decision is due to identified risks associated with crypto transactions.

The bank cited potential customer debt from falling crypto prices.
Cryptocurrency purchases lack protection from the Financial Ombudsman Service and Financial Services Compensation Scheme.
The FSCS offers reimbursement up to £85,000 ($116,000) for losses caused by institutional failures.
This move follows similar actions by Nationwide and HSBC in March 2023 amid ongoing instability in the crypto market.
No further comments were provided by Barclays when contacted.