Trading 212 sold crypto ETNs in UK without FCA approval

Trading 212 sold crypto ETNs to UK retail investors for months without FCA approval, only seeking permission after regulatory intervention. The case raises concerns over compliance in the UK crypto market.

Trading 212, a prominent European investment platform, offered cryptocurrency-linked exchange-traded notes (ETNs) to UK retail investors without the required authorization from the Financial Conduct Authority (FCA), according to multiple reports. Although the FCA lifted its ban on crypto ETNs in October 2025, it mandated that firms obtain explicit approval before providing these high-risk products to retail clients. Trading 212 reportedly began offering crypto ETNs immediately after the ban was lifted but only sought FCA approval after being contacted by the regulator. The company received authorization on Monday, following several months of unauthorized sales. This incident has sparked concerns about regulatory compliance and oversight in the UK crypto sector, as the FCA enforces strict consumer protection measures for complex products like crypto ETNs.