Cryptocurrency company Ziglu halts trade operations; instructs clients to withdrawal assets promptly.
Ziglu Shuts Down: Time's Up for Customers to Withdraw Funds
UK's financial watchdog, the Financial Conduct Authority (FCA), has forced platform Ziglu to cease trading after it signed a "voluntary undertaking". This means Ziglu can no longer issue electronic money or act as a cryptoasset exchange provider or custodian wallet provider.
Customers received an email stating they don't have to withdraw everything immediately, but no later than June 25, 2025. They still can't deposit new funds or purchase additional crypto assets.
Mark Hipperson, Ziglu's CEO, urged customers to log in, withdraw their funds, and download account statements if needed before the deadline. Ziglu's customer support teams are on hand to help with any issues.
Previously, Ziglu's Boost accounts, which allow customers to invest cryptoassets for a yield, were frozen on May 16. These accounts are not regulated by the FCA and aren't subject to the same safeguarding as cash accounts. Thus, customers are not protected by the Financial Services Compensation Scheme or Financial Ombudsman Service.
Ziglu, which recently secured £5million with plans to launch 'Ziglu Coin', didn't respond to a request for comment. The FCA spokesperson said the regulator is working to provide more oversight and powers for cryptoassets and stablecoins, which are currently unregulated.
While it seems Ziglu is focused on facilitating an orderly wind-down, recent fundraising efforts suggest they may be exploring future possibilities. Nonetheless, customers are advised to withdraw their funds as soon as possible as the platforms will be closed on June 25, 2025.
Zooming in on Crypto: A Look at Other Investing Platforms
- AJ Bell
- Hargreaves Lansdown
- interactive investor
- InvestEngine
- Trading 212
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It appears that Ziglu's closure may influence individual’s decisions regarding personal-finance and business, as they consider alternative platforms for investing their funds. AJ Bell, Hargreaves Lansdown, interactive investor, InvestEngine, and Trading 212 are some finance options available, offering opportunities for individuals to diversify their investments. In this circumstance, it might be wise to carefully evaluate and compare these platforms before making any decisions about investing.
