Trading 212 Secured FCA Approval After Offering Crypto ETNs in UK

Trading 212 offered cryptocurrency-linked investment products to UK customers without the required authorisation from the Financial Conduct Authority (FCA) before later securing approval, according to a report by the Financial Times.

The retail brokerage platform allowed users to trade crypto exchange-traded notes (ETNs) from October 2025, shortly after the FCA lifted its 2021 ban on such products. Under UK rules, however, firms must obtain separate approval to offer what the regulator classifies as “high-risk investment products,” including crypto-linked instruments.

Crypto ETNs are debt securities that track the price of an underlying asset, such as a cryptocurrency. Unlike exchange-traded funds (ETFs), they do not provide investors with ownership of the underlying asset or a fund holding it.

Despite holding FCA authorisation since 2014—allowing it to offer products such as stocks, forex, and contracts for difference (CFDs)—Trading 212 was not approved to offer crypto products at the time. The FT reported that the firm applied for the necessary permission only last week after engagement with regulators and received approval on Monday.

A now-deleted notice on Trading 212’s website previously stated that the platform had “briefly paused” access to complex instruments, including crypto ETNs, for new customers while upgrading its “internal systems and onboarding flows.” Although the products continued to be advertised, users attempting to place orders reportedly saw a message saying, “we’re making improvements… we expect to be back online soon.”

That message was removed once FCA approval was granted, according to the report.

Separately, Trading 212 launched crypto trading under its Cypriot unit in October last year. The company established a dedicated crypto entity in Cyprus in 2024 and obtained a crypto asset service provider (CASP) licence from the local regulator.

Financially, the Trading 212 group reported net profit of £43.7 million on revenue of £194.1 million for 2024. The UK business remained the main contributor, generating around £150 million, while the Cypriot operation posted £42.2 million after doubling year-on-year. Its German subsidiary FXFlat added just over £1 million following its acquisition.

In the UK, Trading 212 has been shifting its focus away from CFDs toward stockbroking. It remains unclear whether the FCA will take any regulatory action in relation to the reported breach.