FT: Trading 212 let UK retail clients trade crypto ETNs without FCA approval
The Financial Times reported on Jan 27, 2026 that Trading 212 permitted UK retail clients to trade crypto ETNs even though those products lacked explicit FCA approval. This comes after the FCA’s October 2025 guidance that firms must secure appropriate authorisations and meet strict marketing and consumer protection requirements before offering crypto ETNs to retail investors.
The episode heightens the risk of enforcement action and potential fines for the platform, and it reignites questions about how well UK firms are following post‑warning rules designed to shield retail investors from complex and volatile crypto-linked products. For users and market participants, the development underscores the need for clearer oversight and faster remediation when firms fall short of regulatory standards.