Trading 212, one of Europe’s largest online investment platforms, allowed UK retail customers to trade cryptocurrency-linked exchange-traded notes (ETNs) without having the required permission from the country’s financial regulator, according to the Financial Times.
Crypto ETNs returned to the UK retail market in October 2025 after the Financial Conduct Authority (FCA) reversed a ban imposed in 2021. The products, which track the price of digital assets such as Bitcoin (BTC), are structured as debentures and require specific regulatory approval to be sold to everyday investors.
However, Trading 212 offered crypto ETNs to retail clients without the required authorization until Monday, the Financial Times reported, citing the company’s entry on the FCA’s financial services register. The company reportedly applied for the additional permission last week, after being contacted by supervisors at the regulator, a person familiar with the matter told the FT.
In a website post that has since been removed, Trading 212 said earlier this month that it had “briefly paused” access to complex instruments, including crypto ETNs, to upgrade internal systems. By Monday, the FCA register showed Trading 212 had been granted permission to sell debentures, per the FT.
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FCA sets conditions for retail access to crypto ETNs
After lifting its ban on retail access to crypto ETNs, the FCA noted that prospectuses must be reviewed and approved before launch. “Crypto ETNs are complex products, and firms should ensure they have the correct permissions to offer them to consumers,” the regulator said at the time.
Classified as restricted mass market investments, crypto ETNs are subject to strict promotion and consumer protection rules, including risk warnings, cooling-off periods and suitability checks, per the FCA.
Meanwhile, Trading 212 rival platforms, including Interactive Investor, Fidelity and Freetrade, have offered crypto ETNs since October, but held the necessary approvals to sell debentures when the ban was lifted, according to the FT.
Cointelegraph reached out to the FCA and Trading 212 for comment, but had not received a response by publication.
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Crypto ETNs to boost UK crypto market by 20%
In an October 2025 research report, trading platform IG said the UK crypto market could expand by as much as 20% following the launch of crypto ETNs.
The report based this prediction on its own research that found that “30% of UK adults would consider investing in crypto via ETNs,” with the main appeal being the “perceived safety and regulatory oversight” offered by these products.
“This represents a significant potential uplift from current levels of crypto ownership — 12%, according to the FCA’s latest study, and 25% according to IG’s new study.”
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