[UK Requires Brokers to Notify FCA Before Offering Crypto ETNs to Retail Clients] According to a report by Jinse Finance, the UK has ended its four-year ban on cryptocurrency exchange-traded notes (ETNs), providing retail investors with a compliant investment channel for Bitcoin and Ethereum for the first time since 2021. On October 8, the UK Financial Conduct Authority (FCA) lifted the ban on retail clients, allowing the sale of cryptocurrency exchange-traded notes (cETNs). However, these products must be included on the regulator's 'official list' and traded on recognized exchanges such as the London Stock Exchange. Relevant institutions must comply with the new regulatory framework for 'restricted mass market investment products,' which includes mandatory risk warnings, cooling-off periods, and investor suitability assessments. This decision marks a policy shift by the FCA—back in 2021, the agency had banned the offering of cryptocurrency-related derivatives and exchange-traded notes to retail investors due to concerns over cryptocurrency volatility, valuation issues, and fraud risks. Since then, the regulator has gradually built a consumer protection framework, introduced a rulebook for marketing practices, and implemented 'consumer duty' standards across the industry.