There’s also no protection for crypto assets if something goes wrong with a purchase, as they’re not covered by the Financial Ombudsman Service and Financial Services Compensation Scheme.
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Barclays to block crypto purchases via credit cards from June 27 over fraud and volatility fears
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The United Kingdom’s Financial Services Compensation Scheme reimburses up to £85,000 per customer when a covered financial institution collapses, but Barclays stresses that this safety net does not extend to losses arising from cryptocurrency purchases.
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A help-page notice published by Barclays states that a sharp fall in cryptocurrency prices could leave Barclaycard users unable to repay borrowed funds and reiterates that crypto transactions receive no protection from the Financial Ombudsman Service or the Financial Services Compensation Scheme.
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Barclays’ customer notice warns that cryptocurrency purchases using Barclaycard credit cards carry no statutory redress, because failed or disputed transactions are not covered by the Financial Ombudsman Service or the Financial Services Compensation Scheme.
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