Barclays Tightens Crypto Payment Rules Amid Scam and Consumer Risk Concerns

Quick Breakdown 

• Barclays bans crypto purchases on Barclaycard credit cards from June 27, 2025, citing debt and volatility risks.
• Debit card crypto payments are capped at £10,000 per month; some accounts (student, youth, basic) are entirely blocked from crypto payments.
• Bank transfers to exchanges are capped via Faster Payments; the Financial Conduct Authority has issued warnings over scams and a lack of protection.

 

Barclays is rolling out sweeping restrictions on cryptocurrency-related payments across its banking and card products, citing a sharp rise in crypto-linked fraud and the absence of robust consumer protections in the sector. The measures, which will be phased in through 2025, significantly curtail how customers can fund crypto exchanges using Barclays accounts.

The UK banking group said the changes are designed to limit exposure to financial losses, noting that crypto assets remain outside key safeguards such as the Financial Ombudsman Service and the Financial Services Compensation Scheme. Barclays also reiterated warnings from the Financial Conduct Authority, which has consistently flagged crypto investing as high risk and largely unregulated.

Debit card caps and a credit card ban

Under the updated policy, Barclays will impose a £10,000 monthly cap on crypto-related debit card transactions across personal, business, and wealth accounts. The limit applies to total inflows and outflows per card. Certain account types, including basic, student, children’s, and young person accounts, will be blocked entirely from making crypto debit card payments.

In a more restrictive step, the bank has banned crypto purchases made with Barclaycard credit cards, effective June 27, 2025. Barclays said the decision reflects concerns that crypto volatility could leave customers carrying unsustainable debt if markets move sharply against them.

Bank transfer limits to exchanges

Restrictions will also extend to bank transfers. From December 2, 2025, payments to cryptocurrency exchanges made via Faster Payments will be capped at £2,500 per transfer, with a monthly ceiling of £10,000 across all customer accounts. The limits apply cumulatively, meaning payments from joint and business accounts will count toward the same threshold.

The move places Barclays among a growing number of UK banks tightening controls on retail crypto exposure, even as parts of the financial sector experiment with regulated on-chain money through initiatives such as the UK’s Regulated Liability Network. 

 

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