UK bank Lloyds follows US counterparts in banning people from buying cryptocurrencies with credit cards

  • Lloyds Banking Group said on Monday that it was stopping people buying cryptocurrencies using credit cards.
  • "Across Lloyds Bank, Bank of Scotland, Halifax and MBNA, we do not accept credit card transactions involving the purchase of cryptocurrencies," the company said.
  • Lloyds' move follows banks in the U.S. J.P. Morgan Chase, Bank of America and Citigroup said Friday they are no longer allowing customers to buy cryptocurrencies using credit cards.
Lloyds Banking Group said it was stopping people buying cryptocurrencies using credit cards.
Simon Dawson | Bloomberg | Getty Images
Lloyds Banking Group said it was stopping people buying cryptocurrencies using credit cards.

Lloyds Banking Group said on Monday that it was stopping people buying cryptocurrencies using credit cards, following moves last week from several major U.S. lenders.

"Across Lloyds Bank, Bank of Scotland, Halifax and MBNA, we do not accept credit card transactions involving the purchase of cryptocurrencies," the company told CNBC in a statement.

Concerns have been mounting that people buying digital currencies like bitcoin with credit cards could be getting into debt given wild price swings, particular recently given bitcoin fell below $8,000 for the first time in over two months.

In November, just before bitcoin hit its record high of over $19,000, the search term "buy bitcoin with credit card" was on the rise.

U.K. Prime Minister Theresa May told Bloomberg in a recent interview that the government should consider looking at cryptocurrencies "very seriously."

Other regulators around the world from China to South Korea have also bought in rules to try to regulate the space.

Lloyds' move follows banks in the U.S. J.P. Morgan Chase, Bank of America and Citigroup said Friday they are no longer allowing customers to buy cryptocurrencies using credit cards.