Crypto-friendly bank Ziglu faces financial collapse, enters administration

BlockBeats News, July 10th: UK crypto-friendly bank Ziglu is facing a financial collapse and entered into special administration on July 7th. David Shambrook and Damian Webb from RSM Restructuring Advisory LLP have been appointed as the special administrators.

Ziglu is authorized by the FCA to issue electronic money (e-money) and provide payment services. Ziglu also offers its customers cryptocurrency products, including lending products. These activities are not regulated by the FCA, but the FCA is responsible for overseeing their compliance with anti-money laundering regulations.

On May 23, 2025, the Financial Conduct Authority (FCA) took action to protect consumers by placing restrictions on specific products offered by Ziglu. On June 17, Ziglu agreed to cease its payment and cryptocurrency activities but allowed customers to withdraw their funds.