diff --git a/changelog.d/5265.misc b/changelog.d/5265.misc
new file mode 100644
index 000000000000..e122fe8818d1
--- /dev/null
+++ b/changelog.d/5265.misc
@@ -0,0 +1 @@
+Downgrade no key crypto exception from an error to a warning. Contributed by Reid Anderson.
\ No newline at end of file
diff --git a/synapse/crypto/keyring.py b/synapse/crypto/keyring.py
index d6ad7f177260..05fb18fc1743 100644
--- a/synapse/crypto/keyring.py
+++ b/synapse/crypto/keyring.py
@@ -730,7 +730,7 @@ def _handle_key_deferred(verify_request):
             502, "Error downloading keys for %s" % (server_name,), Codes.UNAUTHORIZED
         )
     except Exception as e:
-        logger.exception(
+        logger.warn(
             "Got Exception when downloading keys for %s: %s %s",
             server_name,
             type(e).__name__,