The administration saw, within hours, the company's website at ziglu.io being fronted by a notice saying that the company was now in the hands of administrators, that customers would be contacted in due course, with a Frequently Asked Questions page giving basic answers to basic questions. The Administration is described as "Special Administration" but that doesn't mean that the company will continue to trade. Technically, though, it could, at least for the time being. Administration is not liquidation. The FCA in its notice confirmed that the company is still extant albeit run by new management, i.e. the Administatators. The FCA said "Ziglu Limited (Ziglu) is authorised by the FCA to issue electronic money (e-money) and provide paymThe administration saw, within hours, the company's website at ziglu.io being fronted by a notice saying that the company was now in the hands of administrators, that customers would be contacted in due course, with a Frequently Asked Questions page giving basic answers to basic questions.

The Administration is described as "Special Administration" but that doesn't mean that the company will continue to trade. Technically, though, it could, at least for the time being. Administration is not liquidation.

The FCA in its notice confirmed that the company is still extant albeit run by new management, i.e. the Administatators. The FCA said 

Ziglu Limited (Ziglu) is authorised by the FCA to issue electronic money (e-money) and provide payment services.  

Ziglu also offers its customers cryptoasset products, including a lending product. These activities are not regulated by the FCA, although the FCA oversees compliance with anti-money laundering regulations.  

On 23 May 2025, the FCA took action to protect consumers, by placing restrictions on Ziglu in relation to particular products. On 17 June, Ziglu agreed to stop carrying out both payments and cryptoasset activities while allowing customers to withdraw funds.  

The FCA’s 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.

On 26 June 2025, the directors of Ziglu applied to court to place it into special administration because they concluded that the firm was insolvent.  

Ziglu Limited entered special administration on 7 July 2025.

The Waiting for the Hammer to Fall undertaking is here: https://register.fca.org.uk/s/firm?id=0010X00004T5kuz

It took about two weeks for the action to be terminal. 

So far the FCA has not made any announcement relating to regulatory or other action nor an overt statement as to the reasons for its concerns.

Ziglu was founded by Mark Hipperson a serial fintech entrepreneur with Starling Bank, Centtrip and Vemi Money, all FCA regulated, under his belt. He remained CEO of Ziglu at the time of its closure. Ziglu was a shining star for a while - in 2022, it was announced that Robinhood had offered USD170 million for the cmpmay. But then Robinhood reduced its offer to USD60m, a price which was rejected. 

It is reported in the media that customers had complained on internet sites that they were unable to withdraw funds as early as March this year and that the company was difficult to contact. It is also reported that the person named on the FCA register as its Money Laundering Reporting Officer left in January 2024, and his name has not been replaced. That, of itself, if true, is a serious breach of the Regulations and cause for serious FCA action.