Trading 212, one of Europe’s largest online investment platforms, allowed UK retail investors to trade cryptocurrency-linked exchange-traded notes (ETNs) without the necessary regulatory permission, the Financial Times reported.
Crypto ETNs re-entered the UK retail market in October 2025 after the Financial Conduct Authority (FCA) lifted a ban that had been in place since 2021. The products, which track digital assets such as Bitcoin, are structured as debentures and require specific FCA approval before they can be sold to retail customers.
According to the FT, Trading 212 made crypto ETNs available to everyday investors without that authorization until Monday, citing the firm’s listing on the FCA’s financial services register. A person familiar with the matter told the newspaper that the company applied for the additional permission last week after being contacted by FCA supervisors.
Earlier this month, Trading 212 said in a now-removed website post that it had “briefly paused” access to complex instruments, including crypto ETNs, in order to upgrade its internal systems. By Monday, the FCA register showed the company had been granted permission to sell debentures, the FT reported.
FCA sets conditions for retail access to crypto ETNs
After lifting its ban on retail access to crypto exchange-traded notes (ETNs), the Financial Conduct Authority said prospectuses must be reviewed and approved before products can be launched. “Crypto ETNs are complex products, and firms should ensure they have the appropriate permissions to offer them to consumers,” the regulator said at the time.
Classed as restricted mass-market investments, crypto ETNs are subject to stringent promotion and consumer-protection requirements, including prominent risk warnings, cooling-off periods and investor suitability checks, according to the FCA.
Rival platforms to Trading 212 — including Interactive Investor, Fidelity and Freetrade — have offered crypto ETNs since October, the Financial Times reported, noting that they already held approval to sell debentures when the ban was lifted.
Crypto ETNs could lift UK crypto market by 20%
In an October 2025 research note, trading platform IG said the UK crypto market could grow by up to 20% following the introduction of crypto ETNs.
The forecast was based on IG’s research showing that 30% of UK adults would consider investing in crypto through ETNs, attracted by what the report described as the “perceived safety and regulatory oversight” of such products. IG said this points to a sizeable increase from current crypto ownership levels — 12% in the FCA’s latest survey and 25% in IG’s own study.
