In a recent move, from 27 June 2025, Barclays will stop customers using their Barclaycards for any cryptocurrency transactions.
The bank said it recognises the risks of buying digital assets and wants to protect customers from potential debt if crypto prices fall.
Barclays Bank Bans Barclaycard Use for Crypto
Barclays also noted that crypto purchases lack the safeguards of the Financial Ombudsman Service and the Financial Services Compensation Scheme. The bank pointed customers to the Financial Conduct Authority’s “crypto the basics” guidance for more information.
Several factors may have driven Barclays to act. Volatile price swings in major tokens have left many investors facing steep losses. Without regulatory cover, customers have no path to dispute or recover lost funds.
By blocking crypto payments, Barclays reduces its exposure to chargebacks and bad debt. The move may also reflect a cautious stance ahead of potential new rules on crypto advertising and consumer protection.
Deutsche Bank Studies Stablecoins and Tokenised Deposits
Meanwhile, Deutsche Bank is weighing fresh steps in the digital asset space. Sabih Behzad, the bank’s head of digital assets, said in an interview that the bank is examining stablecoins and tokenised deposits.
These products could let clients hold token versions of cash or fiat-backed coins within secure, bank-grade systems. The push comes as more countries draw up legal frameworks for digital assets, offering clearer paths for regulated financial firms.
Russia Expands Crypto Derivatives for Investors
Back in Moscow, Russia’s central bank announced that qualified investors can now trade financial instruments linked to crypto prices. Banks and brokerages may offer derivatives, securities and digital assets whose returns depend on the value of cryptocurrencies.
All these products must be cash-settled, meaning no actual tokens change hands. The step widens professional participation in digital markets without exposing retail customers to direct crypto ownership.
US National Banks Gain Crypto Clarity
On the same theme of regulated access, the U.S. Office of the Comptroller of the Currency issued an interpretation letter allowing national banks to trade cryptocurrencies for their clients.
The letter says banks can now buy and sell digital assets on behalf of customers as part of trust services. The OCC hailed the letter as a major milestone for regulatory certainty, which it hopes will encourage more conventional banks to enter the digital asset market.
As Barclays tightens its rules on retail crypto buys, other banks and regulators are moving in the opposite direction, creating new channels for institutional and qualified investors. The contrasting approaches highlight a divide between consumer caution and professional opportunity.
Also Read: KakaoBank Partners With Coinone to Launch Real-Time Crypto Price Tracking Feature