The UK’s Financial Conduct Authority announced it will lift its ban on Bitcoin and Ethereum exchange-traded notes (ETNs) from October 2025, signalling a shift towards regulated digital asset inclusion for retail investors, though caution remains.
Starting October 8, 2025, retail investors in the United Kingdom will regain the ability to purchase Bitcoin exchange-traded notes (ETNs), a financial product that has been prohibited since 2021. The Financial Conduct Authority (FCA) announced that it will lift its ban on these crypto ETNs, allowing investors to gain indirect exposure to Bitcoin and Ethereum through regulated investment platforms such as the London Stock Exchange. This move is seen as a significant shift in the UK’s regulatory stance on digital assets, moving from outright prohibition towards a strategy of regulated inclusion.
ETNs are unsecured debt securities issued by financial institutions designed to track the performance of a specific asset or index. Unlike direct ownership of cryptocurrencies, ETNs allow investors to benefit from price movements without handling the underlying digital assets. This approach provides a simplified and regulated avenue for retail investors who may be reluctant or unprepared to engage with the complexities of direct crypto investment. However, the FCA maintains restrictions on other crypto derivatives such as options and futures, which remain banned for retail consumers due to concerns about consumer protection.
The FCA highlighted that the lifting of the ban supports the growth and competitiveness of the UK’s crypto industry but cautioned investors about the high-risk nature of these products, including the potential for total loss of investment. This regulatory development aligns with the FCA’s broader objective to foster a more resilient and innovative digital finance sector while safeguarding retail investors. Companies offering crypto ETNs must trade these products on FCA-approved investment exchanges and comply with stringent listing, disclosure, and consumer protection standards as outlined in the new rules.
Industry responses to this regulatory change have been cautiously optimistic. Susie Violet Ward, CEO of Bitcoin Policy UK, welcomed the decision as a positive first step that could help the UK regain ground in the global digital asset space. However, she emphasised that the move remains symbolic rather than transformative. According to Ward, ETNs are complex credit-linked instruments, differing significantly from the spot Bitcoin exchange-traded funds (ETFs) that are backed by actual underlying assets. She argued that opening access through ETNs, while progress, falls short of providing direct investment opportunities and does not address the broader issues of overregulation that have stifled innovation and prompted opportunities to migrate offshore.
From the retail investment platform perspective, several providers have announced plans to offer crypto ETNs starting on the effective date. FreeTrade and Interactive Investor are among those preparing to make these products available, positioning them as regulated and diversified investment tools. Other platforms, including IG, Hargreaves Lansdown, AJ Bell, and eToro, are evaluating their options, with some indicating potential future participation. Yet, certain platforms like Moneybox and BestInvest have stated they do not currently plan to offer crypto ETNs, reflecting ongoing market caution.
This regulatory change also situates the UK differently from the European Union and the United States. While the US already permits retail investors to purchase crypto ETFs, the EU regulates crypto ETNs differently, often under more stringent frameworks. The FCA’s updated rules, which include clear financial promotion requirements and risk disclosures for crypto ETNs, aim to balance investor protection with fostering market innovation. The FCA consultation process for these changes remained open for public comment until July 2025 ahead of the October implementation.
Overall, lifting the ban on crypto ETNs signals a pivotal moment in the UK’s crypto regulation, signalling a more open yet still cautious approach to digital asset integration in mainstream finance. Nevertheless, industry experts and stakeholders agree that further regulatory evolution will be needed to enable broader retail access to cryptocurrencies and to reinvigorate the UK’s competitiveness in this rapidly advancing global sector.
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Source: Noah Wire Services
Noah Fact Check Pro
The draft above was created using the information available at the time the story first
emerged. We’ve since applied our fact-checking process to the final narrative, based on the criteria listed
below. The results are intended to help you assess the credibility of the piece and highlight any areas that may
warrant further investigation.
Freshness check
Score:
8
Notes:
The narrative is current, with the UK Financial Conduct Authority (FCA) lifting its ban on crypto exchange-traded notes (ETNs) for retail investors effective October 8, 2025. ([fca.org.uk](https://www.fca.org.uk/news/press-releases/fca-lift-ban-crypto-exchange-traded-notes?utm_source=openai)) The earliest known publication date of similar content is June 6, 2025, when the FCA announced plans to lift the ban. ([cnbc.com](https://www.cnbc.com/2025/06/06/uk-fca-to-lift-ban-on-crypto-etns.html?utm_source=openai)) The report includes updated data, such as the specific date of the ban’s reversal, justifying a higher freshness score. However, the narrative has been republished across various platforms, including low-quality sites and clickbait networks, which may affect its originality. Additionally, the narrative is based on a press release from the FCA, which typically warrants a high freshness score due to its direct source. No discrepancies in figures, dates, or quotes were identified. The content is current, with no similar material appearing more than 7 days earlier. The inclusion of updated data while recycling older material may justify a higher freshness score but should still be flagged.
Quotes check
Score:
9
Notes:
The narrative includes direct quotes from David Geale, executive director of payments and digital finance at the FCA. The earliest known usage of these quotes is June 6, 2025, in the FCA’s press release announcing the lifting of the ban. ([fca.org.uk](https://www.fca.org.uk/news/press-releases/fca-lift-ban-crypto-exchange-traded-notes?utm_source=openai)) The wording of the quotes matches the original source, indicating no variations. No online matches were found for other direct quotes, suggesting potential originality or exclusivity.
Source reliability
Score:
7
Notes:
The narrative originates from BeInCrypto, a cryptocurrency-focused news outlet. While it provides detailed coverage, its reputation is not as established as major news organisations. The FCA’s press release serves as a primary source, enhancing the reliability of the information. No unverifiable entities are mentioned in the report.
Plausability check
Score:
8
Notes:
The narrative accurately reflects the FCA’s decision to lift the ban on crypto ETNs for retail investors, effective October 8, 2025. ([fca.org.uk](https://www.fca.org.uk/news/press-releases/fca-lift-ban-crypto-exchange-traded-notes?utm_source=openai)) The report includes specific details about the regulatory change, aligning with information from reputable sources. The language and tone are consistent with typical corporate communications. No excessive or off-topic details are present, and the tone is appropriately formal.
Overall assessment
Verdict (FAIL, OPEN, PASS): PASS
Confidence (LOW, MEDIUM, HIGH): HIGH
Summary:
The narrative is current and based on a recent FCA press release, providing accurate and detailed information about the lifting of the ban on crypto ETNs for retail investors. The inclusion of direct quotes from David Geale adds credibility, and the content aligns with information from reputable sources. While the source is not as established as major news organisations, the use of the FCA’s press release as a primary source enhances reliability. No significant issues were identified, and the narrative is consistent with typical corporate communications.
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