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Barclays (Barc)One of the largest British banks, she said she would stop customers by the end of the week to use their credit cards to buy a cryptocurrency.
The London company will block transactions of cryptocurrency on Barclaycard payment cards from 27th June, Said it on the website Posted on Wednesday. The site quoted “certain risks” when buying a crypto.
“We do this because the drop in the price of crypto assets could lead to customers to find themselves in a debt that they cannot afford to repay,” the site reads. “Nor is there any protection of crypto assets if something goes wrong with the purchase because they do not cover the scheme of financial services and compensation of financial services.”
FSCS will return up to £ 85,000 ($ 116,000) For customers who lose money if the institution to which the program applies fails.
While banks that prevent customers who use their credit cards to buy a crypto are not new, it is not clear why Barclays has now introduced this restriction. Rival Nationwide and HSBC have done something similar back in March 2023 at a time when injury from collapse In 2022 more cryptomic companies They were still fresh.
The bank did not provide another comment on this matter when it was contacted by Coindesk.
REPAIR (June 25, 16:37 UTC): The correct abbreviation for the scheme of compensation of financial services in the fourth paragraph.
