The UK’s Largest Investment Platform Reverses Stance: Opens Crypto Access to 2 Million Users

Hargreaves Lansdown, the UK’s largest retail investment platform, has begun offering nine Bitcoin and Ether products to its two million investors, despite previous crypto warnings.

According to a report by CoinDesk, Hargreaves Lansdown has shifted its policy less than a year after warning customers to steer clear of crypto investments. The platform now allows investors to access Bitcoin (BTC) and Ether (ETH) through traditional investment accounts instead of crypto exchanges.

The newly listed products consist of nine crypto investment products that track the prices of these assets and are traded on exchanges. The products are offered by BlackRock’s iShares brand, as well as CoinShares, WisdomTree, 21Shares, Invesco and Bitwise. Annual fees range from 0% to 0.35%.

How is Hargreaves Lansdown limiting crypto access?

The platform requires new buyers to complete an appropriateness assessment before trading. At this stage, it is verified whether the investor understands the risks of the product. Following the assessment, a 24-hour cooling-off period is applied before a purchase can be made.

Hargreaves Lansdown has over $200 billion in total assets under management. Therefore, the decision is not just about listing new products; Bitcoin and Ether access is being brought to a mainstream platform used by a vast audience of retail investors.

Behind this change lies a regulatory step in the UK. Approximately 11 months ago, the Financial Conduct Authority (FCA) lifted a four-year ban on retail investors’ access to crypto ETNs. The new rules require platforms to assess whether investors understand the risks of crypto products. These risks include the possibility of losing the entire amount invested.