UK Crypto Assets platform Ziglu enters special regulatory period

Gate News bot message, the UK crypto assets platform Ziglu (founded by Mark Hipperson) has announced bankruptcy and entered special administration. On July 7, after Ziglu reported losses of up to £24 million (including £4 million lost due to the collapse of Celsius Network), RSM Restructuring Advisory was appointed as the court administrator.

The UK Financial Conduct Authority (FCA) intervened, leading to the closure and freezing of customer funds since June 13, with customers unable to withdraw or use their assets without deposit insurance plan protection. The public has reacted extremely negatively to this, with many customers expressing frustration. The current situation highlights the necessity of regulating struggling Crypto Assets companies.