Trading 212 Allowed UK Retail Access to Crypto ETNs Without FCA Approval

Trading 212 allowed UK retail clients to trade cryptocurrency-linked exchange-traded notes (ETNs) without holding the required permission from the Financial Conduct Authority (FCA), according to a report by the Financial Times.

Crypto ETNs returned to the UK retail market in October 2025 after the FCA lifted a ban introduced in 2021. These products, which track the price of digital assets such as Bitcoin, are structured as debentures and require firms to obtain specific regulatory approval before being offered to retail investors.

The Financial Times reported that Trading 212 provided access to crypto ETNs without the necessary authorization until Monday, citing the firm's listing on the FCA's financial services register. A person familiar with the matter said the company applied for the additional permission last week after being contacted by FCA supervisors.

Earlier this month, Trading 212 said in a website post—since removed—that it had briefly paused access to complex instruments, including crypto ETNs, to carry out internal systems upgrades. By Monday, the FCA register showed that Trading 212 had been granted permission to sell debentures, according to the FT.

When lifting the ban on retail crypto ETNs, the FCA said firms must ensure prospectuses are reviewed and approved prior to launch and that appropriate permissions are in place. The regulator described crypto ETNs as complex products requiring heightened consumer protection.

Classified as restricted mass market investments, crypto ETNs are subject to rules including prominent risk warnings, cooling-off periods and suitability checks.

Other UK investment platforms, including Interactive Investor, Fidelity and Freetrade, have offered crypto ETNs since October 2025, but already held the required debenture permissions at the time the ban was lifted, the Financial Times reported.

Cointelegraph said it contacted both Trading 212 and the FCA for comment but had not received a response by publication.

In an October 2025 research report, trading platform IG said the UK crypto market could expand by as much as 20% following the reintroduction of crypto ETNs. The forecast was based on research indicating that 30% of UK adults would consider investing in crypto through ETNs, citing perceived safety and regulatory oversight as key factors.