{"id":24991,"date":"2025-05-03T05:31:49","date_gmt":"2025-05-03T05:31:49","guid":{"rendered":"https:\/\/dogewisperer.com\/?p=24991"},"modified":"2025-05-03T05:31:49","modified_gmt":"2025-05-03T05:31:49","slug":"uk-set-to-ban-buying-crypto-with-credit-cards-and-loans","status":"publish","type":"post","link":"https:\/\/dogewisperer.com\/?p=24991","title":{"rendered":"UK Set to Ban Buying Crypto with Credit Cards and Loans"},"content":{"rendered":"<div>\n<p><span data-preserver-spaces=\"true\">If you\u2019ve been using your credit card to buy crypto in the UK, those days might be numbered. The Financial Conduct Authority (FCA) has officially proposed a rule that would stop retail investors from purchasing cryptocurrencies using borrowed funds. That includes credit cards, personal loans, and even loans from crypto-specific lenders. However, some crypto users worry that the UK ban will discourage innovation and limit market access.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">The move is part of a broader effort to protect consumers from racking up debt chasing volatile digital assets. And with more people jumping into crypto using money they don\u2019t actually have, the UK\u2019s top financial watchdog is sounding the alarm.<\/span><\/p>\n<h2><span data-preserver-spaces=\"true\">Why the FCA Wants to Step In<\/span><\/h2>\n<p><span data-preserver-spaces=\"true\">The FCA\u2019s concern is simple: more people are borrowing money to buy digital assets, and that\u2019s a financial disaster waiting to happen. According to recent research, the number of people using debt to get into crypto has more than doubled over the past two years, from 6% in 2022 to 14% in 2024.<\/span><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">The UK is preparing to ban consumers from buying cryptocurrency with borrowed funds, according to recent FCA announcements. This move raises questions about the future of crypto investment practices. What impact will this regulation have on the market?<\/p>\n<p>\u2014 Primos Pinturas (@PrimosPinturas) <a href=\"https:\/\/twitter.com\/PrimosPinturas\/status\/1918453491200098650?ref_src=twsrc%5Etfw\" target=\"_blank\" rel=\"nofollow\">May 2, 2025<\/a><\/p>\n<\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p><span data-preserver-spaces=\"true\">For a market as volatile as crypto, that\u2019s a risky trend. Prices swing wildly, and if things go south, these investors could end up not just with losses but with debts they can\u2019t afford to repay. That, the FCA argues, is a recipe for long-term financial harm.<\/span><\/p>\n<h2><span data-preserver-spaces=\"true\">What the Ban Would Cover<\/span><\/h2>\n<p><span data-preserver-spaces=\"true\">This isn\u2019t just a credit card thing. The proposal would ban all types of borrowing to buy crypto. That includes personal loans from your bank and financing from crypto-specific lenders. The only possible exception would be stablecoins issued by firms regulated by the FCA. If those coins are properly backed and transparent, the FCA might let them slide under different rules.<\/span><\/p>\n<div class=\"chart crypto-chart-instance\" id=\"crypto_chart_6815a929d6bfb\" data-coin-id=\"btc-bitcoin\">\n<div class=\"chart__header\">\n<div class=\"chart__info\">\n<div class=\"chart__info-icon\">\n                <img id=\"crypto_chart_6815a929d6bfb-chart__info-icon-img\">\n            <\/div>\n<div class=\"chart__info-name\" id=\"crypto_chart_6815a929d6bfb-chart__info-name\">&#8211;<\/div>\n<div class=\"chart__info-label\">Price<\/div>\n<div class=\"chart__info-label\">Market Cap<\/div>\n<div class=\"chart__info-value\" id=\"crypto_chart_6815a929d6bfb-chart__info-symbol\">&#8211;<\/div>\n<div class=\"chart__info-value\" id=\"crypto_chart_6815a929d6bfb-chart__info-price\">&#8211;<\/div>\n<div class=\"chart__info-value\" id=\"crypto_chart_6815a929d6bfb-chart__info-marketcap\">&#8211;<\/div>\n<\/p><\/div>\n<div class=\"chart__controls\">\n<div class=\"chart__controls-group\">\n                <button class=\"chart__button chart__button--24h\" id=\"crypto_chart_6815a929d6bfb-btn-24h\">24h<\/button><br \/>\n                <button class=\"chart__button chart__button--7d\" id=\"crypto_chart_6815a929d6bfb-btn-7d\">7d<\/button><br \/>\n                <button class=\"chart__button chart__button--30d\" id=\"crypto_chart_6815a929d6bfb-btn-30d\">30d<\/button><br \/>\n                <button class=\"chart__button chart__button--1y\" id=\"crypto_chart_6815a929d6bfb-btn-1y\">1y<\/button><br \/>\n                <button class=\"chart__button chart__button--all-time\" id=\"crypto_chart_6815a929d6bfb-btn-all-time\">All Time<\/button>\n            <\/div>\n<div class=\"chart__controls-group\">\n                <button class=\"chart__button chart__button--logarithmic\" id=\"crypto_chart_6815a929d6bfb-btn-log\">Log<\/button>\n            <\/div>\n<\/p><\/div>\n<\/p><\/div>\n<div class=\"chart__container\">\n        <canvas class=\"chart__canvas\" id=\"crypto_chart_6815a929d6bfb-cryptoChart\"><\/canvas>\n    <\/div>\n<\/div>\n<p><b>DISCOVER: <\/b><a class=\"general-link\" href=\"https:\/\/99bitcoins.com\/cryptocurrency\/new-cryptocurrency\/\" target=\"_blank\" rel=\"noopener\"><b>Best New Cryptocurrencies to Invest in 2025<\/b><\/a><\/p>\n<p><span data-preserver-spaces=\"true\">The point is to slow things down before more consumers get caught up in a debt spiral tied to speculative investments.<\/span><\/p>\n<h2><span data-preserver-spaces=\"true\">What Else Is Changing<\/span><\/h2>\n<p><span data-preserver-spaces=\"true\">This isn\u2019t a one-off rule. The FCA is rolling out a broader package aimed at tightening how crypto is bought, sold, and promoted in the UK.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Some of the key measures under consideration include:<\/span><\/p>\n<ul>\n<li><span data-preserver-spaces=\"true\">Forcing crypto platforms to register with the FCA<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Banning platforms from trading on their books while serving customers<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Requiring more transparency on pricing and trade execution<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Banning payment for order flow, where platforms pay brokers for customer trades<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Holding staking providers accountable if things go wrong with third-party validators<\/span><\/li>\n<\/ul>\n<p><span data-preserver-spaces=\"true\">The regulator also wants to keep retail users out of high-risk crypto lending and borrowing services entirely.<\/span><\/p>\n<h2><span data-preserver-spaces=\"true\">Public Feedback and Industry Reaction<\/span><\/h2>\n<p><span data-preserver-spaces=\"true\">The FCA is holding a public consultation through June 13, 2025. Some in the crypto world are worried this could choke off innovation. Others say the rules are long overdue, especially after the chaos of past years with bankrupt platforms, lost funds, and meme-coin mania.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">The FCA says it is not trying to kill crypto. It is just trying to bring some guardrails to a market that has operated without many for far too long.<\/span><\/p>\n<h2><span data-preserver-spaces=\"true\">Looking Forward<\/span><\/h2>\n<p><span data-preserver-spaces=\"true\">If this borrowing ban goes through, it could reshape how retail users interact with crypto in the UK. No more buying Bitcoin on a credit card and hoping it moons by next week. The FCA wants investors to play with money they have, not money they owe, and that could be the start of a much more cautious era for UK crypto.<\/span><\/p>\n<p><strong><span data-preserver-spaces=\"true\">DISCOVER:\u00a0<\/span><a class=\"general-link\" href=\"https:\/\/99bitcoins.com\/cryptocurrency\/next-crypto-to-explode\/\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">20+ Next Crypto to Explode in 2025\u00a0<\/span><\/a><\/strong><\/p>\n<p><strong><a class=\"general-link\" href=\"https:\/\/discord.gg\/B7Uk6agkqj\" target=\"_blank\" rel=\"nofollow noopener nofollow\"><span data-preserver-spaces=\"true\">Join The 99Bitcoins News Discord Here For The Latest Market Updates<\/span><\/a><\/strong><\/p>\n<p><span data-preserver-spaces=\"true\">    <\/p>\n<div class=\"nnbtc-key-takeaways\">\n<h3 class=\"nnbtc-key-takeaways__title\">Key Takeaways<\/h3>\n<p><span data-preserver-spaces=\"true\">    <\/p>\n<ul class=\"nnbtc-key-takeaways__list\">\n        <\/ul>\n<p><\/span><\/p>\n<p><span data-preserver-spaces=\"true\">    <\/p>\n<li class=\"nnbtc-key-takeaways__list-item\">\n        The UK\u2019s Financial Conduct Authority (FCA) has proposed banning crypto purchases made with borrowed funds, including credit cards and personal loans.    <\/li>\n<p>    <\/span><\/p>\n<p><span data-preserver-spaces=\"true\">    <\/p>\n<li class=\"nnbtc-key-takeaways__list-item\">\n        The move aims to protect consumers from incurring debt through speculative crypto investments, especially as debt-fueled crypto buying has doubled since 2022.    <\/li>\n<p>    <\/span><\/p>\n<p><span data-preserver-spaces=\"true\">    <\/p>\n<li class=\"nnbtc-key-takeaways__list-item\">\n        The proposed ban covers all borrowing sources, including loans from banks and crypto lenders, with a possible exception for FCA-regulated stablecoins.    <\/li>\n<p>    <\/span><\/p>\n<p><span data-preserver-spaces=\"true\">    <\/p>\n<li class=\"nnbtc-key-takeaways__list-item\">\n        This proposal is part of a broader crackdown that includes tighter platform rules, increased transparency, and restrictions on high-risk lending services.    <\/li>\n<p>    <\/span><\/p>\n<p><span data-preserver-spaces=\"true\">    <\/p>\n<li class=\"nnbtc-key-takeaways__list-item\">\n        The FCA is accepting public feedback through June 13, 2025, intending to create a safer, more regulated crypto environment for UK investors.    <\/li>\n<p>    <\/span><\/p>\n<p><span data-preserver-spaces=\"true\"><br \/>\n    <\/span><\/p>\n<p><span data-preserver-spaces=\"true\">    <\/span><\/p>\n<\/div>\n<p>    <\/span><\/p>\n<p>The post <a href=\"https:\/\/99bitcoins.com\/news\/legal\/uk-set-to-ban-buying-crypto-with-credit-cards-and-loans\/\">UK Set to Ban Buying Crypto with Credit Cards and Loans<\/a> appeared first on <a href=\"https:\/\/99bitcoins.com\/\">99Bitcoins<\/a>.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>If you\u2019ve been using your credit card to buy crypto in the UK, those days might be numbered. The Financial Conduct Authority (FCA) has officially proposed a rule that would stop retail investors from purchasing cryptocurrencies using borrowed funds. That includes credit cards, personal loans, and even loans from crypto-specific lenders. However, some crypto users [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"iawp_total_views":0,"footnotes":""},"categories":[2],"tags":[3,4,5],"class_list":["post-24991","post","type-post","status-publish","format-standard","hentry","category-news","tag-crypto","tag-doge","tag-news"],"_links":{"self":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts\/24991","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=24991"}],"version-history":[{"count":0,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts\/24991\/revisions"}],"wp:attachment":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=24991"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=24991"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=24991"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}