Ziglu Limited - Special Administration

Ziglu Limited, a payment services firm authorised by the FCA, entered special administration on 7 July, with David Shambrook and Damian Webb of RSM appointed as special administrators.

Ziglu is authorised by the FCA to issue e-money and provide payment services. Ziglu also offers its customers cryptoasset products, including a lending product. These activities are not regulated by the FCA, although the FCA oversees compliance with anti-money laundering regulations.

In late May, the FCA placed 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.

In late June, concluding the firm was insolvent, Ziglu’s directors applied to place it into special administration.

Factortech Funding ll Cell A1 PC has a registered charge against the firm.