The Barclays large British bank announced a ban on the use of credit cards for buying cryptocurrencies. The ban will begin to operate on June 27, from this day any such transactions will have to be blocked.

In Barclay, the restrictive measure was explained by the protection of customers from possible financial losses associated with the instability of the cryptocurrency market and the lack of protection by the British regulatory departments like the financial ombudsman service and the compensation system in the field of financial services ..

Cryptonnik analyst James Davies from Cryptocompare said the Barclays decision corresponds to the trend of British banks that tightened control over cryptocurrency operations of customers. With reference to the recommendations of the financial supervision management (FCA), such prohibitions have already introduced about ten large credit institutions, including Lloyds Bank, Bank of Scotland, Halifax, Starling, HSBC, Santander UK, Nationalwide BULDING SOCIETY.

Earlier, the British financial regulation and supervision department (FCA) announced the intention to introduce a ban on the use of borrowed funds for the purchase of cryptocurrencies by private investors, including credit cards. The reason for the introduction of restrictions was called a high degree of limitations of residents of the country.