Ziglu has entered special administration as financial pressures mount, impacting customer funds and crypto activities in the UK.
Ziglu, a UK-based crypto app, entered special administration on July 7, 2025, under the oversight of RSM Restructuring Advisory LLPโs David Shambrook and Damian Webb.
Ziglu, a UK-based crypto app, entered special administration on July 7, 2025, under the oversight of RSM Restructuring Advisory LLPโs David Shambrook and Damian Webb.
This event underscores the challenging financial landscape for fintech firms and raises concerns over customer fund security within the crypto sector.
Failed Robinhood Acquisition Triggers Zigluโs Financial Crisis
Ziglu, founded by Mark Hipperson, faces financial turmoil after a failed acquisition by Robinhood impacted its funding options. The UKโs Financial Conduct Authority (FCA) has restricted Zigluโs activities to ensure customer protection.
Leading the administration are RSMโs David Shambrook and Damian Webb, tasked with managing the financial proceedings. Ziglu users are urged to withdraw their funds as the company is under special administration.
Our actions provided significant protections for customer money and other assets the firm held. Ziglu has since requested that all customers withdraw e-money and crypto exchange/wallet funds from their accounts. โ FCA (Financial Conduct Authority), Official Statement, FCA Source
User Concerns Escalate Over Fund Security
User concerns revolve around fund withdrawal timelines and asset security amid administrative proceedings. The marketโs trust in similar fintech services is affected, highlighting vulnerabilities in regulatory and financial models.
While historical instances show limited contagion effect, the lack of communication from Zigluโs leadership has compounded user frustration. The FCA assures assurance of asset protection during the administration process.
Zigluโs Case Reflects Broader Fintech Insolvency Trends
The situation mirrors previous insolvencies of UK fintech firms post-crypto downturns, reflecting regulatory interventions aimed at safeguarding user funds. The administration marks another chapter in fintech challenges.
Kanalcoin experts suggest Zigluโs case may alter market strategies, emphasizing stronger regulatory resilience. The absence of industry leader comments marks a cautious optimism pending tangible outcomes.
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