Ziglu Limited Overview
Ziglu Limited, a firm authorized by the Financial Conduct Authority (FCA) to provide electronic money issuance and payment services, has recently faced significant operational challenges. While it is permitted to issue e-money, the company also offers cryptoasset products, including lending services, which are not subject to FCA regulation. However, the FCA monitors these products for adherence to anti-money laundering laws.
Regulatory Actions and Operational Changes
On May 23, 2025, in a move aimed at safeguarding consumers, the FCA imposed restrictions on certain offerings provided by Ziglu. Subsequently, on June 17, Ziglu made the decision to halt its payments and cryptoasset operations while ensuring that customers retained the ability to withdraw funds from their accounts. These FCA measures were designed to enhance the protection of customer funds held by the company.
Insolvency and Customer Guidance
Amid ongoing financial difficulties, Ziglu urged all its customers to withdraw their e-money and crypto funds. On June 26, the company’s directors filed for special administration in court, citing insolvency. This process will engage special administrators to oversee customer claims and facilitate the return of funds to affected clients. Customers can expect detailed instructions on how to file claims, which will be communicated within eight weeks of the administrators’ appointment.
Customer Safety and Scam Awareness
For additional assistance, clients are encouraged to reach out to the special administrators at RSM Restructuring LLP. It’s also crucial for customers to remain vigilant regarding potential scams, as there have been warnings about cold calls from individuals impersonating Ziglu employees or representatives from RSM or the FCA. To ensure their safety, customers should terminate any suspicious calls and contact the relevant organizations using verified channels.
