Trading 212 let UK retail trade crypto ETNs without FCA approval
Crypto ETNs returned to the UK retail market in October 2025 after the Financial Conduct Authority (FCA) reversed a 2021 ban. These products, which track the price of digital assets such as Bitcoin (BTC), are structured as debentures and require specific regulatory permissions to be offered to retail investors.
According to the Financial Times, Trading 212 continued to offer crypto ETNs to retail customers without the required approval until Monday, citing the firm’s entry on the FCA’s financial services register. A person familiar with the matter told the FT that the company applied for the additional permission last week after being contacted by FCA supervisors.
In a website notice posted earlier this month and later removed, Trading 212 said it had “briefly paused” access to complex instruments, including crypto ETNs, to upgrade internal systems.
By Monday, the FCA register indicated Trading 212 had been granted permission to sell debentures, the FT reported.
FCA outlines conditions for retail access to crypto ETNs
After lifting the ban on retail access to crypto ETNs, the FCA said 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.
Designated as restricted mass market investments, crypto ETNs are subject to strict promotion and consumer protection requirements, including risk warnings, cooling-off periods and suitability assessments, according to the FCA.
Rival platforms, including Interactive Investor, Fidelity and Freetrade, have offered crypto ETNs since October and already held approvals to sell debentures when the ban was lifted, the Financial Times reported.
Requests for comment from the FCA and Trading 212 were not returned by publication time.
Crypto ETNs could lift UK crypto market by 20%
In an October 2025 research report, trading platform IG said the UK crypto market could grow by as much as 20% following the introduction of crypto ETNs. IG based the projection on its research indicating that “30% of UK adults would consider investing in crypto via ETNs,” with the primary appeal being the “perceived safety and regulatory oversight” of these products. This would represent a notable increase 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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