UK digital bank and cryptocurrency platform Ziglu enters special insolvency administration

On July 10, according to Crowdfundinsider, Ziglu, a UK-based digital bank and cryptocurrency platform, has entered a special bankruptcy administration process due to severe financial difficulties. Founded by former Starling Bank co-founder Mark Hipperson, Ziglu had raised funds in multiple crowdfunding rounds and was once close to being acquired by US brokerage firm 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 electronic money and crypto assets from their exchange and wallet accounts. [Deep Tide TechFlow]