Barclays Bank has prohibited its bank cards from all crypto asset transactions due to volatility risk.

According to Gate News bot, The Daily Hodl reports that Barclays, a banking giant in the UK, stated in a new article that due to the Fluctuation in Crypto Assets prices and their status as uninsured assets, the bank will prohibit all transactions related to digital assets on its proprietary payment cards starting from June 27.

"Using a Barclays card to conduct crypto asset transactions is not possible. Starting from June 27, 2025, we will block crypto asset transactions made with a Barclays card, as we recognize that there are certain risks associated with purchasing crypto assets."

"We do this because the decline in crypto asset prices may lead customers to fall into unpayable debts. In addition, if there are issues during the purchase process, crypto assets are not protected in any way, as they are not covered by the Financial Ombudsman Service or the Financial Services Compensation Scheme."

However, despite the recent ban on Crypto Assets, previous reports indicate that Barclays has invested hundreds of millions into BlackRock's Bitcoin Exchange-Traded Fund (ETF) IBIT, which is set to launch in January 2024 and is currently the largest BTC-based ETF by trading volume.

In February of this year, the bank disclosed to the U.S. Securities and Exchange Commission (SEC) that it held 2,473,064 shares of IBIT stock, worth nearly $137 million at the time.