CHONGQING, CHINA - JULY 17: In this photo illustration, a person holds a physical representation of a Bitcoin (BTC) coin in front of a screen displaying a candlestick chart of Bitcoin’s latest price movements on July 17, 2025 in Chongqing, China. (Photo illustration by Cheng Xin/Getty Images)
Cheng Xin | Getty Images News | Getty Images
A major trading platform in the U.K. has issued a stark warning to investors hoping to cash in on relaxed crypto rules: cryptocurrencies should not be in your portfolio.
A longstanding U.K. ban on retail investors being able to access crypto exchange-traded notes (ETNs) was lifted on Oct. 8. Exchange-traded notes are debt instruments linked to one or more specified assets. In this case, they give traders exposure to digital tokens through the use of a regulated exchange.
The new rules sparked a warning from Hargreaves Lansdowne — the U.K.’s biggest retail investment platform — which urged British retail investors to be cautious.
“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 shouldn’t be relied upon to help clients meet their financial goals,” Hargreaves Lansdowne said in a statement.
“Performance assumptions are not possible to analyse for crypto, and unlike other alternative asset classes it has no intrinsic value.”
When U.K. officials announced earlier this year that the ETN ban would be overturned, they argued the move would support “the growth and competitiveness of the U.K.’s crypto industry.” It was hailed by crypto firms as a major breakthrough for the sector in Britain.
The government also ruled on Wednesday that investors will be able to hold crypto ETNs in stocks and shares ISA accounts, an account where up to £20,000 ($26,753) a year can be invested tax-free.
Big gains, and big losses
Cryptocurrencies, which are decentralized and therefore not regulated by central authorities like governments, have their critics and prices are notoriously volatile. In 2022, a so-called “crypto winter” saw investors lose $2 trillion. Bitcoin — the most commonly traded cryptocurrency — has led to major returns for early investors, however, and was last seen trading around $121,508.
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