TechFlow, July 10 — According to Crowdfundinsider, UK digital bank and cryptocurrency platform Ziglu has entered special insolvency administration due to severe financial difficulties. Founded by Mark Hipperson, co-founder of Starling Bank, Ziglu previously raised funds through multiple crowdfunding rounds and was nearly acquired by U.S. brokerage Robinhood.
The UK Financial Conduct Authority (FCA) imposed restrictions on Ziglu on June 13, prohibiting it from issuing electronic money, providing payment services, or operating as a crypto asset exchange and wallet provider. Ziglu has urged all customers to withdraw their e-money and crypto assets from exchange and wallet accounts.
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