Hargreaves Lansdown, the UK’s largest investment platform, has issued an anti-crypto statement, warning clients against viewing Bitcoin and other digital assets as legitimate investment classes. The Bristol-based firm’s anti-crypto statement, first reported by The Financial Times on October 9, 2025, underscores ongoing skepticism from traditional financial institutions even as the UK reopens regulated access to crypto products.
The company emphasized that Bitcoin has “no intrinsic value” and therefore should not be treated as an asset class in investor portfolios.
“We believe digital assets require more comprehensive risk assessment before we can consider allowing cryptocurrency exchange-traded notes (ETNs) on our platform,” Hargreaves Lansdown, in its anti-crypto statement.
This cautious tone contrasts sharply with the Financial Conduct Authority’s (FCA) recent decision to lift its four-year-old ban on crypto ETNs for retail investors. The regulator’s move, seen by many as a turning point for the UK’s digital asset policy, appears to have done little to convince the country’s top retail investment firm.
FCA reverses ban on crypto ETNs
The anti-crypto statement from Hargreaves Lansdown comes just days after the FCA lifted its 2021 ban on the sale and distribution of cryptocurrency ETNs to retail investors. The ban, imposed amid fears over volatility, valuation issues, and insufficient transparency, had restricted access to these products solely to institutional investors for nearly four years.
With the ban now removed, retail traders are once again allowed to purchase regulated crypto ETNs through FCA-approved exchanges. Still, the FCA cautioned investors to exercise restraint, warning that these instruments “remain high-risk and speculative.”
Despite the regulator’s more open stance, Hargreaves Lansdown’s anti-crypto statement underscores lingering institutional hesitancy. The firm insists that greater regulatory clarity and market stability are needed before cryptocurrencies can be integrated into mainstream retail portfolios.
Growing retail interest in crypto across the UK
According to FCA data published in late 2024, approximately 12% of UK adults now own cryptocurrency assets, a significant jump from just 4% in 2021. This rapid increase highlights how retail participation in digital assets has expanded despite institutional resistance.
The anti-crypto statement from Hargreaves Lansdown suggests that the firm remains unconvinced by this surge.
“While public interest in crypto is growing, investor protection and financial education remain our priority,” company spokesperson, in its anti-crypto statement.
This divide between regulator-enabled access and institutional skepticism reflects a broader uncertainty in the UK’s approach to digital finance. The FCA’s new roadmap for cryptocurrency regulation, released earlier this year, seeks to strike a balance between fostering innovation and minimizing systemic risk.
Institutional caution amid changing regulatory tides
Hargreaves Lansdown’s anti-crypto statement positions it among several traditional financial players maintaining distance from the crypto sector. The firm’s decision to delay access to crypto ETNs until a more thorough risk review is complete aligns with a wider industry pattern of cautious engagement.
The FCA’s updated framework aims to regulate crypto-related advertising, custody services, and exchange operations, but traditional finance remains wary of reputational and market risks. Analysts suggest this conservative approach could slow mainstream adoption, even as regulatory bodies attempt to modernize oversight.
In the meantime, the anti-crypto statement from Hargreaves Lansdown serves as a reminder that, while the UK’s policy landscape may be softening, confidence among legacy financial institutions is far from restored.