Hargreaves Lansdown U-Turns on Crypto Investments, Lists Nine New ETNs

Hargreaves Lansdown, the UK's largest retail investment platform, has reversed its stance on cryptocurrency investments and will now offer nine Bitcoin and Ethereum exchange-traded notes (ETNs) to its two million clients.

The move comes less than a year after the platform warned clients against investing in cryptocurrencies, citing their lack of intrinsic characteristics and potential for extreme losses.

The decision was prompted by changes in UK regulations, which lifted a four-year ban on crypto ETNs for retail investors in October. The Financial Conduct Authority (FCA) now requires firms to assess whether retail clients have the knowledge to understand the risks of crypto ETNs.

Hargreaves Lansdown will require new buyers to complete an appropriateness assessment and wait 24 hours before buying, and the annual fees for the products range from 0% to 0.35%. The firm's listings include products from BlackRock's iShares, CoinShares, WisdomTree, 21Shares, Invesco, and Bitwise.