In January 2021, the UK Financial Conduct Authority (FCA) banned retail investors from buying crypto exchange-traded notes (ETNs) ,regulated products traded on public markets.

The FCA claimed the ban would “protect consumers”. But in reality, it removed the safest, most transparent way for ordinary people to gain exposure to cryptoassets.

With regulated access blocked, many retail investors , myself included , turned to unregulated offshore platforms like Celsius and FTX. Both have since collapsed, taking billions in customer funds with them.

While the FCA acted in the name of consumer protection, the outcome was the opposite:

• Investors were forced into higher-risk, unregulated markets.
• Many suffered life-changing financial losses.
• The ban stayed in place for over four years, even as Bitcoin’s value more than tripled.
• The FCA is now lifting the ban in October 2025 , too late for those who lost money in the meantime.

We believe the public deserves answers.

We call on HM Treasury to commission an independent inquiry into the FCA’s 2021 ban, to examine:

• Whether the decision was proportionate and evidence-based
• Whether it met the FCA’s statutory objectives
• Whether it caused foreseeable harm to consumers
• Lessons for future regulatory decisions

This is about more than crypto , it’s about accountability, fairness, and preventing regulators from making sweeping decisions without fully considering their consequences.

Who should sign:

• UK citizens and residents affected by the ban
• Anyone who believes in fair, proportionate regulation
• Supporters of consumer choice and financial autonomy

Sign now to demand transparency and accountability from our financial regulators. Let’s make sure this never happens again.