Hargreaves Lansdown, the UK’s largest retail investment platform, has begun listing Bitcoin and Ether exchange traded notes (ETNs) for its roughly 2 million clients.

 

The listing, which comprises nine crypto ETNs from major issuers, including BlackRock’s iShares, WisdomTree, 21Shares, Invesco, CoinShares, and Bitwise, comes shortly after the Financial Conduct Authority lifted its four year ban on UK investors buying crypto ETNs in October 2025.

 

Eligible clients will now be able to buy, hold, and sell regulated Bitcoin and Ether exchange traded notes (ETNs), which track the prices of Bitcoin and Ether. Since the crypto ETNs only directly track the prices of the underlying cryptocurrencies, clients do not own the underlying assets.

 

Regarding the launch, Doug Abbott, Hargreaves Lansdown’s chief product officer, told the Financial Times, “We want clients to … understand what they are investing in,” adding that there would be the “right level of friction” involved in the buying process, given that highly volatile cryptocurrencies are not suitable for everyone.

 

According to Abbott, the launch of the ETNs followed consistent inquiries about the products from its sophisticated user base. The firm also said that the necessary security measures were already in place to ensure that the platform was safe and ready to support the ETNs.

 

About Hargreaves Lansdown

 

Hargreaves Lansdown is the UK’s largest direct to consumer retail investment platform, allowing private investors to save, invest, and manage their pensions. Through its app and platform, Hargreaves offers a wide range of products, including Stocks and Shares ISAs, SIPPs (self invested personal pensions), Fund and Share dealing accounts, cash savings, and ETFs.

 

Although Hargreaves had long held a cautious and skeptical view of cryptocurrencies and had frequently downplayed the economic relevance and potential of Bitcoin, it has had to adjust its position, particularly amid the rapid mainstream adoption of cryptocurrencies. This shift is evident in the launch of its crypto ETN offering.

 

 

The United Kingdom’s Financial Conduct Authority (FCA) has raided multiple locations across the country, suspected of running illegal peer-to-peer crypto trading operations.

 

The raid, conducted by the UK’s Financial Conduct Authority, the country’s regulatory watchdog, in collaboration with HM Revenue and Customs (HMRC) and the South West Regional Organized Crime Unit (SWROCU), targeted eight locations suspected of facilitating illegal peer-to-peer crypto trading.

 

 

According to the FCA, cease and desist letters were issued to the platforms, ordering a halt to the illegal trading activity, and evidence supporting their suspicions and ongoing criminal investigations was gathered on-site during the raid.

 

Peer-to-peer (P2P) trading, which involves the buying and selling of crypto assets directly between individuals without the use of a centralized exchange, is illegal in the UK, as there are currently no FCA-registered P2P trading platforms in the country.

 

According to Steve Smart, executive director of enforcement and market oversight at the FCA, “Unregistered peer-to-peer crypto traders operating in the UK are doing so illegally and pose a financial crime risk. We will use our powers and work with partners to disrupt them.”

 

He added, “Consumers should protect themselves by only dealing with firms registered with the FCA and by remembering that crypto remains a high-risk investment.”

 

UK Takes Tough Stance on Illegal Crypto Operations

The UK authorities, in collaboration with law enforcement agencies, have intensified efforts over the past year to combat illegal cryptocurrency operations, cracking down on illicit crypto entities and their operators.

 

Earlier this month, the National Crime Agency (NCA), working with the cryptocurrency exchange Binance, launched Operation Atlantic, a crackdown targeting crypto phishing scammers. The operation led to the seizure of more than $12 million in suspected criminal proceeds, involving victims across the UK, the US, and Canada.

 

In February this year, the UK’s Financial Conduct Authority (FCA), in collaboration with the Metropolitan Police Service, seized more than £1 billion in cryptocurrencies from two individuals suspected of running an illegal cryptocurrency exchange. This follows legal action taken by the FCA approximately a year earlier against the cryptocurrency exchange HTX, when the regulator filed a civil lawsuit against the exchange over its unlawful financial promotions in the country.

 

Most recently, the FCA said in an X post that it is cracking down on influencers promoting illegal financial products that put consumers’ money at risk.