UK’s FCA Allows Retail Access to Crypto ETNs—But With a Warning Tag

The Financial Conduct Authority (FCA) has reversed its four-year ban on crypto exchange-traded notes (cETNs) for UK retail investors, effective October 2025. The products will only be available through FCA-approved Recognised Investment Exchanges (RIEs), marking a cautious yet significant step toward broader crypto adoption.

Regulators will enforce strict financial promotion rules, requiring clear risk disclosures and prohibiting misleading marketing. David Geale, the FCA’s digital finance lead, cited improved market maturity as justification for the policy shift—though investor protections remain a priority.

Notably, cETNs lack insurance safeguards, exposing buyers to unmitigated volatility. This measured approach reflects the FCA’s balancing act between innovation and consumer protection in an evolving asset class.