Bitcoin credit card ban: Virgin Money joins Lloyds Bank with a ban on cryptocurrency credit card purchases

Challenger bank Virgin Money has banned the purchase of cryptocurrencies like bitcoin on its credit cards, joining the likes of Lloyds Banking Group and US investment banks.

A spokesperson said: “Following a review of our policy we can confirm that customers will no longer be able to use their Virgin Money credit card to purchase cryptocurrencies.”

The ban applies to Virgin Money’s credit cards only, not its debit cards.

Lloyds’ ban comes into effect today across all of the UK banking giant’s brands amid a huge cryptocurrency sell-off.

It followed similar moves by JP Morgan Chase, Bank of America and Citigroup late on Friday.