Partly-regulated crypto asset provider Ziglu Limited has entered special administration following FCA intervention.

The insolvent firm entered administration earlier this week, on 7 July.

Ziglu Limited (Reference number: 900977) was authorised by the FCA to issue electronic money (e-money) and provide payment services.

It also offered customers cryptoasset products, including a lending product. The FCA said these activities were not regulated by the FCA, although the FCA oversees compliance with anti-money laundering regulations.  

On 23 May, the FCA 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.  

The regulator said its actions provided “significant protections” for customer money and other assets the firm held. 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.  

David Shambrook and Damian Webb of RSM Restructuring Advisory LLP have been appointed as special administrators. The special administrators are responsible for managing customer claims and returning funds to customers. Customers should receive more information from them, including details on how to make a claim, within 8 weeks of appointment.

Special administration is a power available under the Payment and Electronic Money Institution Insolvency Regulations 2021. The rules introduced a new special administration regime for payment and e-money institutions. This is similar to an ordinary administration, however, the special administrators have an additional objective of returning customer funds as soon as reasonably practicable, the FCA said.

The news comes days after two individuals, unconnected to Zigul, were sentenced earlier this week to a combined 12 years in jail for their roles in a £1.5m crypto fraud. Raymondip Bedi of Bromley, and Patrick Mavanga of Peckham, ran a fake investment scam which used clone websites and other methods to target investors. Between February 2017 and June 2019, the pair cold-called victims and sold fake investments in crypto. At least 65 investors were defrauded and lost £1,541,799.