UK Regulator Eases Bitcoin Access - But Is It Really Open?

The Financial Conduct Authority lifted its ban on retail access to crypto exchange traded notes listed on recognised UK exchanges from 8 October 2025, almost two years after the US approved spot bitcoin ETFs. The products are classed as Restricted Mass Market Investments, which means risk warnings, appropriateness tests and cooling-off periods, and they carry no Financial Services Compensation Scheme protection.

The article looks at the barriers that remain, including limits and blocks on payments to crypto exchanges by banks such as HSBC, Barclays, NatWest, Chase UK and Starling, and the exclusion of crypto ETNs from mainstream ISAs from April 2026. Ray Dillet of Bitwise says the FCA’s “same risk, same regulation” principle is being applied too bluntly to bitcoin, and Jamie Nuttall of Myna L2 says the approach moves risk offshore rather than reducing it. The FCA’s own correspondence on the changes is quoted.