Top UK Investment Firm Cautions Against Bitcoin After Slack in Retail Crypto Rules

Hargreaves Lansdown, the biggest retail investment platform in the United Kingdom, warned against crypto investments, stating, “Bitcoin is not an asset class.” The caution came after the country’s regulator lifted restrictions on retail access to crypto exchange-traded notes (ETNs).

Digital assets meet tradfi in London at the FMLS25.

“We Do Not Think Cryptocurrency… Helps Clients Meet Their Financial Goals.”

“The HL Investment view is that Bitcoin is not an asset class, and we do not think cryptocurrency has characteristics that mean it should be included in portfolios for growth or income, and it shouldn’t be relied upon to help clients meet their financial goals,” Hargreaves Lansdown noted in a statement.

“Performance assumptions are not possible to analyse for crypto, and unlike other alternative asset classes, it has no intrinsic value.”

The warning also came a few days after Bitcoin Bitcoin While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that Read this Term tested a new peak value above $125,000. Although the cryptocurrency corrected, sentiment towards it remained positive.

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Hargreaves Lansdown Will Offer Crypto

Despite the warning, Hargreaves Lansdown will offer crypto ETNs to its clients, but with restrictions. It is planning to introduce the products “early next year.”

“Clients will have to undertake an appropriateness assessment before being allowed to invest,” the investment platform noted. “In some cases, the amount that retail investors can invest in RMMIs will be restricted to 10% of their total investment portfolio.”

Hargreaves Lansdown had over 2 million active clients at the end of June 2025, adding about 136,000 new clients in the ongoing year.

The platform has £172.7 billion in assets under administration, which includes the £6 billion it received in new funding this year. It also has a 91.5 per cent client retention rate.

Interestingly, the platform also offered its clients access to four crypto ETNs listed on the Stockholm Stock Exchange before the Financial Conduct Authority (FCA Financial Conduct Authority (FCA) The Financial Conduct Authority (FCA) is the largest financial regulator for all financial markets in the United Kingdom (UK).The UK regulator is responsible for the conduct of firms authorized under the Financial Services and Markets Act 2000. Moreover, the FCA is also responsible for the regulation of behavior in retail and wholesale financial markets, supervision of the trading infrastructure that supports those markets, and the prudential regulation of firms not regulated by the PRA. Its rol The Financial Conduct Authority (FCA) is the largest financial regulator for all financial markets in the United Kingdom (UK).The UK regulator is responsible for the conduct of firms authorized under the Financial Services and Markets Act 2000. Moreover, the FCA is also responsible for the regulation of behavior in retail and wholesale financial markets, supervision of the trading infrastructure that supports those markets, and the prudential regulation of firms not regulated by the PRA. Its rol Read this Term) banned retail access in January 2020.

However, the new rules came into effect on 8 October, allowing UK platforms to offer crypto ETNs traded only on UK-based stock exchanges.

Hargreaves Lansdown is not the only platform that takes a critical view of crypto while offering it.

Earlier, JPMorgan CEO Jamie Dimon compared Bitcoin to Ponzi schemes, but his bank now offers crypto-related services for both consumers and institutions, though access and features vary by region and product.

In the United States, a partnership with Coinbase enables Chase customers to buy crypto using Chase credit cards, link bank accounts directly to Coinbase, and convert Ultimate Rewards points to USDC, with card purchases slated for autumn 2025 and rewards conversions beginning in 2026.