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.

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