Ziglu enters special administration

Ziglu, the cryptocurrency app launched by Starling Bank co-founder and former chief technology officer Mark Hipperson, has entered special administration.

David Shambrook and Damian Webb of RSM Restructuring Advisory LLP were appointed as special administrators.

The Payment and Electronic Money Institution Insolvency Regulations 2021 introduced a special administration regime for payment and e-money institutions.

It is similar to an ordinary administration but the special administrators have an additional objective of returning customer funds as soon as reasonably practicable.

Ziglu is authorised by the Financial Conduct Authority (FCA) to issue e-money and provide payment services.

It also provides cryptoasset services, including lending, which are not regulated by the UK watchdog.

On 23 May 2025, the regulator said it 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.

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.

The special administrators are responsible for managing customer claims and returning funds back to customers.

Customers should receive more information from them, including details on how to make a claim, within eight weeks of appointment.



Share Story:

Recent Stories


Data trust in the AI era: Building customer confidence through responsible banking
In the second episode of FStech’s three-part video podcast series sponsored by HCLTech, Sudip Lahiri, Executive Vice President & Head of Financial Services for Europe & UKI at HCLTech examines the critical relationship between data trust, transparency, and responsible AI implementation in financial services.

Banking's GenAI evolution: Beyond the hype, building the future
In the first episode of a three-part video podcast series sponsored by HCLTech, Sudip Lahiri, Executive Vice President & Head of Financial Services for Europe & UKI at HCLTech explores how financial institutions can navigate the transformative potential of Generative AI while building lasting foundations for innovation.

Beyond compliance: Transforming document management into a strategic advantage for financial institutions
In this exclusive fireside chat, John Rockliffe, Pre-Sales Manager at d.velop, discusses the findings of Adapting to a Digital-Native World: Financial Services Document Management Beyond 2025 and explores how FSIs can turn document workflows into a competitive advantage.

Sanctions evasion in an era of conflict: Optimising KYC and monitoring to tackle crime
The ongoing war in Ukraine and resulting sanctions on Russia, and the continuing geopolitical tensions have resulted in an unprecedented increase in parties added to sanctions lists.