ETNs | Crypto

With retail access restored, crypto exchange-traded notes issuers slash fees to historic lows, signaling an intensifying battle for UK market dominance. The United Kingdom has opened the floodgates for crypto exchange-traded notes (ETNs) to retail investors — a market that was previously limited to professional traders — sparking a price war among issuers vying for market share, according to the Financial Times. In a report published on Thursday, the FT said several Bitcoin ETN issuers have slashed their fees to as low as 0.05%, describing the resulting competition as a “cut-throat battle” for investors. Meanwhile, other crypto-linked ETNs continue to charge annual fees of up to 2.5%. The fee war follows the Financial Conduct Authority’s (FCA) decision to lift its 2021 ban on retail access to crypto-linked funds, a change that took effect on Oct. 8. Read more

The Payments Association’s Riccardo Tordera told Cointelegraph that lifting the ETN ban allowed individual investors to make their own choices at their own risk. The United Kingdom’s financial regulator lifted a ban on crypto exchange-traded notes (cETNs) for retail investors in a move welcomed by industry leaders as a step toward aligning the UK with global crypto markets as a digital asset hub. On Friday, the UK’s Financial Conduct Authority (FCA) reversed the ban on retail access to cETNs, with regulatory changes taking effect from Oct. 8. The ban was enforced in January 2021, citing extreme volatility and “lack of legitimate investment need.”  Lifting the cETN ban reflects a change in the regulator’s approach to crypto assets. In a statement, an FCA executive said the decision reflected how the market had evolved and how crypto-related products are better understood. Read more

After banning retail access to crypto ETNs and derivatives in 2021, the FCA has reversed its approach in favor of ETN access for retail. The United Kingdom’s Financial Conduct Authority (FCA) has lifted the ban on retail access to cryptocurrency exchange-traded notes (cETNs). Companies in the UK will soon be able to offer retail consumers cETNs, with regulatory changes effective Oct. 8, according to an FCA announcement on Friday. The new development in the UK’s regulatory approach on crypto comes after the FCA banned crypto ETNs in January 2021, citing the extreme volatility of crypto assets and a “lack of legitimate investment need” for retail consumers. Read more

The UK’s Financial Conduct Authority has proposed lifting its retail ban on crypto exchange-traded notes (ETNs), signaling a shift toward broader crypto market access. Update (June 6, 2025, 1:20 pm UTC): This article has been updated to add commentary by Kraken’s UK General Manager, Bivu Das. The United Kingdom’s Financial Conduct Authority (FCA) has proposed lifting its ban on offering cryptocurrency exchange-traded notes (ETNs) to retail investors. In a June 6 announcement shared with Cointelegraph, the FCA said the proposed change would allow individual consumers to access crypto ETNs, provided they are listed on an FCA-recognized investment exchange. Read more