UK’s Hargreaves Lansdown Cautions Investors Even After FCA Lifts ETN Ban

In the UK, retail crypto investment policies recently shifted when the Financial Conduct Authority (FCA) lifted a four-year ban on allowing British retail investors to hold regulated crypto products. Despite this liberalisation, investment firm Hargreaves Lansdown has issued a strong warning: Bitcoin has “no intrinsic value” and may not be suitable for growth or income portfolios. Financial Times

Meanwhile, other platforms such as AJ Bell, Interactive Investor, and Saxo are preparing to offer regulated crypto exchange-traded notes (ETNs) starting mid-October 2025, subject to suitability and “appropriate testing” of clients. Financial Times

Key Points

• The removal of the ban opens up regulated access, but such access comes with warnings about risk, volatility, and uncertainty.
• This debate about “intrinsic value” is not new: it revisits philosophical and market questions about what gives crypto value—utility, scarcity, network, speculation.
• Platforms raising concern highlight potential risk to inexperienced / small investors who may be swayed by hype without understanding downsides.

Implications for Xoibit Users

• For users in jurisdictions with similar regulatory regimes, it's a reminder to assess risk and not assume regulated = risk-free.
• Exchanges should ensure investor education: clarify what products like ETNs are, fees, redemptions, and risk.
• Users might choose smaller allocations for speculative crypto exposure, and maintain allocations to stablecoins or less volatile assets.