Hargreaves Lansdown launches crypto ETNs a year after regulatory ban was lifted

UK investors gain crypto access via new ETN listings

Hargreaves Lansdown, a major UK-based investment and retirement platform, has started offering Exchange-Traded Notes linked to cryptocurrency prices.

This launch arrives nearly a year after the UK's Financial Conduct Authority (FCA) lifted its ban on selling crypto derivatives to retail investors. The move marks one of the first significant product launches from a mainstream UK wealth manager since regulators permitted broader consumer access to digital asset exposure.

What investors can now trade

The new ETNs allow Hargreaves Lansdown customers to gain indirect exposure to cryptocurrency markets without owning the underlying digital coins directly.

• No private wallets: Investors do not need to manage blockchain wallets or hold actual crypto tokens.
• Traditional access: The products are traded on regulated exchanges and held within standard investment and pension accounts.
• Regulatory safety: The ETNs operate under the oversight of UK financial regulators, addressing previous security concerns that led to the original ban.

A delayed market entry

The FCA banned the sale of crypto derivatives to retail consumers in 2021 due to worries about consumer protection and market integrity. That restriction was lifted in July 2025, opening the door for regulated products to reach everyday UK investors.

Hargreaves Lansdown's decision to enter the market now—rather than immediately after the ban was lifted—suggests the platform may have used the intervening time to ensure compliance and operational readiness.

Why this matters for retail crypto

The introduction of regulated crypto ETNs by a major UK provider signals a shift toward making digital assets more accessible to mainstream investors.

By removing the need for complex self-custody solutions and wrapping crypto exposure in traditional financial products, platforms like Hargreaves Lansdown can lower the technical barriers that previously kept many conservative investors away from the sector.

What remains uncertain

The Financial Times article providing this report is behind a paywall, and key details about the specific cryptocurrencies included in the new ETN lineup have not been disclosed publicly.

It is also unclear whether other major UK investment platforms will follow suit with similar product launches in the near term.

Source

• Financial Times