On July 10, the UK crypto-friendly bank Ziglu faced financial collapse and entered special administration on July 7. David Shambrook and Damian Webb from RSM Restructuring Advisory LLP were appointed as special administrators.
Ziglu was authorized by the FCA to issue electronic money and provide payment services. Ziglu also offered crypto asset products to customers, including lending products. These activities were not regulated by the FCA, but the FCA was responsible for overseeing its compliance with anti-money laundering regulations.
On May 23, 2025, the UK Financial Conduct Authority (FCA) took action to protect consumers by imposing restrictions on specific Ziglu products. On June 17, Ziglu agreed to cease payment and crypto asset operations, while allowing customers to withdraw funds.
