In October 2025, the FCA stressed that companies must hold the correct permissions and comply with strict marketing and consumer protection rules before offering crypto ETNs.
Trading 212, one of Europe’s biggest 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.
Still, 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.
