LONDON–Banking giant Barclays said it is prohibiting its customers from buying crypto using its credit cards, even though just six months ago it invested $131 million into BlackRock’s bitcoin (BTC) ETF holdings.
Barclays said it will ban crypto transactions via its Barclaycard on June 27 due to the “risks” of crypto, including its high volatility that can leave “customers finding themselves in debt they can’t afford to repay.”
It further noted that crypto assets aren’t covered by. compensatory schemes in the U.K. or the country’s Financial Ombudsman Service.
When asked to comment on the apparent change in attitude, Barclays told Protos, “Today’s move is specific to Barclaycard and our credit card customers.”
