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Ziglu was founded by Mark Hipperson, a former co-founder of Starling Bank, and has gone through multiple rounds of crowdfunding, even attracting interest from the US brokerage Robinhood for acquisition, but the deal ultimately fell through. This crisis has not only raised concerns among Ziglu customers about the safety of their funds but also reflects the competition and regulatory pressure currently facing the crypto assets industry.
The rise and fall of crypto assets platforms amid increasing regulatory pressure
Ziglu was established in 2018, originally named Livecon Services, focusing on combining TradFi with crypto assets. The company is authorized by the UK Financial Conduct Authority (FCA) as an Electronic Money Institution and registered as a crypto assets company under AML regulations, providing electronic money issuance, payment services, and crypto assets products, including a "Boost" account with an annualized return of up to 6%.