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A major trading platform in the U.K. has issued a stark warning to investors hoping to cash in on relaxed crypto rules: cryptocurrencies should not be in your portfolio.

A longstanding U.K. ban on retail investors being able to access crypto exchange-traded notes (ETNs) was lifted on Oct. 8. Exchange-traded notes are debt instruments linked to one or more specified assets. In this case, they give traders exposure to digital tokens through the use of a regulated exchange.

The new rules sparked a warning from Hargreaves Lansdowne — the U.K.'s biggest retail investment platform — which urged British retail investors to be cautious.

"The HL Investment view is that bitcoin is not an asset class,

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