Barclays To Ban All Crypto Transactions on Its Bank Cards, Citing Volatility Risks
One of many greatest monetary establishments based mostly in the UK (UK) is obstructing all crypto transactions on its financial institution playing cards.
In a brand new post, UK banking titan Barclays says it’s barring all digital asset-related transactions on its proprietary cost playing cards beginning on June twenty seventh as a result of risky value of cryptocurrencies and since they’re uninsured property.
“It’s not attainable to make cryptocurrency transactions utilizing a Barclaycard. From 27 June 2025, we’ll block crypto transactions made with a Barclaycard as a result of we acknowledge there are specific dangers with buying cryptocurrencies.
We’re doing this as a result of a fall within the value of crypto property might result in prospects discovering themselves in debt they will’t afford to repay. There’s additionally no safety for crypto property if one thing goes mistaken with a purchase order, as they’re not coated by the Monetary Ombudsman Service and Monetary Companies Compensation Scheme.”
Nevertheless, regardless of the latest ban on crypto property, earlier reviews point out that Barclays has invested tons of of hundreds of thousands of {dollars} into IBIT, BlackRock’s Bitcoin (BTC) exchange-traded fund (ETF), which launched in January 2024 and is at present the biggest BTC-based ETF by buying and selling quantity.
In February, the financial institution disclosed to the U.S. Securities and Trade Fee (SEC) that it holds 2,473,064 shares of IBIT, price practically $137 million on the time.
IBIT is buying and selling at 60.98 at time of writing, representing a 1.5% improve over the past 24 hours.
Comply with us on X, Facebook and Telegram
Do not Miss a Beat – Subscribe to get e-mail alerts delivered on to your inbox
Verify Worth Motion
Surf The Every day Hodl Combine
Featured Picture: Shutterstock/vvaldmann/Natalia Siiatovskaia
