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- Barclays will block crypto purchases via cards starting June 27, citing debt risk and lack of consumer protections.
- Despite the ban, Barclays holds millions in Bitcoin ETF shares through institutional investment channels.
Starting June 27, 2025, Barclays customers will no longer be able to purchase crypto assets using their credit or debit cards. The British bank has chosen to block direct transactions to crypto platforms, under the pretext of protecting consumers from financial risks that are considered too high. For users who are used to buying Bitcoin with just one click of their card, this is clearly a new obstacle. But wait—the story is not that simple.
Barclays Blocks Retail Crypto, Yet Buys Millions in Bitcoin Trust
Barclays explains that the ban is intended to prevent the purchase of digital assets using borrowed funds, which are often done via credit cards. According to them, many people end up getting trapped in debt because the price of crypto can fluctuate unpredictably.
Not only that, crypto assets are also not protected by schemes such as the Financial Services Compensation Scheme (FSCS), so when something goes wrong, customers cannot count on getting their money back.
Interestingly, however, even though Barclays is restricting consumer access to crypto, they themselves are secretly quite active behind the scenes. Currently, the bank is listed as owning 2.47 million shares of the BlackRock iShares Bitcoin Trust (IBIT), worth around $136.8 million.
That means, on the one hand, they are saying “don’t buy,” but on the other hand, they are investing through institutional channels. This dual strategy may raise some eyebrows—or at least raise questions.
Europe Filters Access, Japan Quietly Moves Into Bitcoin
Besides that, in March 2025, Barclays decided to end its partnership with Coinbase. Previously, this collaboration made it easier to transfer GBP to crypto exchanges via the Faster Payments (FPS) system. Now, after the relationship was officially terminated, users in the UK have to find more complicated alternatives to make transactions.
On the other hand, Barclays still has business relationships with companies like Circle, which shows that they have not completely abandoned the crypto space—they are just filtering their channels.
Steps like this seem to be a new pattern among big banks in Europe. They are not closing the door completely, but are starting to regulate who can enter and through which doors. For example, Société Générale in France is now preparing a stablecoin called USDCV.
Designed specifically for institutions and built on Ethereum and Solana, USDCV will be backed by cash and cash-equivalent reserves. The project is led by SG-FORGE, the bank’s digital asset division, which is known for its focus on secure and regulated blockchain applications.
Furthermore, dynamics in Asia are also pointing in a similar direction but with different nuances. According to a report by CNF, several financial institutions in Japan are reportedly starting to quietly move their funds into Bitcoin.
Pressure from domestic debt and rising bond yields are pushing them to seek a more flexible safe haven. With the Bank of Japan (BOJ) meeting coming up, a surge in interest in crypto assets could be on the cards in the near future.
Of course, Barclays’ move marks a new chapter in the complicated relationship between traditional finance and crypto. On the surface, it looks like they are drawing a clear line—retail customers are being asked to stop, while institutions continue to play the “safe” route. But for everyday users, such a ban is changing the way they access crypto. No card? Maybe you have to use a bank transfer or switch to another digital service like Revolut or Wirex.
