HL Opens Crypto ETNs to 2M Clients After Four-Year Retail Ban
Hargreaves Lansdown (HL), the UK's largest investment platform, has finally opened access to crypto exchange-traded notes (ETNs) for its approximately 2 million clients. The move makes HL the last major UK retail investment platform to offer regulated Bitcoin and Ethereum exposure.
The launch follows a four-year-nine-month retail ban on crypto ETNs, which was lifted by the Financial Conduct Authority (FCA) in October 2025. Since then, London Stock Exchange-listed crypto ETN volume has reached roughly $1.5 billion, with BTC-linked ETNs accounting for about 80-85% of that volume.
HL requires first-time investors to complete an appropriateness assessment and imposes a 24-hour cooling-off period. Chief Product Officer Doug Abbott said the measures are intended to ensure customers understand the risks associated with volatile crypto investments.