Ziglu
Dead - in special administration since 7 July 2025 (FCA-confirmed). The UK's small crypto-neobank went insolvent after the FCA stopped its activities in June 2025; ~GBP 2M of customer funds are missing, 'Boost' savers were unsecured lenders without knowing it, and crypto balances were never safeguarded. Archive entry: FCA registration is not deposit insurance.
The bitcoin flow
Source note: Service closed. Ziglu agreed on 2025-06-17 (FCA Voluntary Undertaking) to stop all payment and cryptoasset activities; customers were told to withdraw all e-money and crypto funds. The Visa debit card no longer works.
Verdict
Dead - in special administration since 7 July 2025 (FCA-confirmed). The UK's small crypto-neobank went insolvent after the FCA stopped its activities in June 2025; ~GBP 2M of customer funds are missing, 'Boost' savers were unsecured lenders without knowing it, and crypto balances were never safeguarded. Archive entry: FCA registration is not deposit insurance.
Pros
Cons
- Special administration since 2025-07-07; all services stopped 2025-06-17
- ~GBP 2M shortfall; ~20,000 customers; Boost yield funds were diverted to cash flow
- No FSCS protection; cryptoassets not safeguarded
- Card and app dead; customers must file claims with RSM administrators
Facts
| Card type | Debit · Visa · Virtual |
|---|---|
| KYC | Full KYC |
| KYC trigger | UK FCA-regulated onboarding |
| Custody | Custodial |
| BTC load | Direct BTC top-up (on-chain) |
| BTC sale timing | Not documented |
| Lightning | no |
| Issuance | - |
| Monthly fee | not documented |
| Top-up fee | not documented |
| FX fee | not documented |
| ATM fee | - |
| Cashback | not documented |
| Regions | unknown |
| Apple Pay | no / unknown |
| Operator | Ziglu |
Score breakdown
FAQ
Is KYC required for the Ziglu?
How does bitcoin get onto the card?
When is my bitcoin sold?
What fees does the Ziglu charge?
Which regions does it serve?
Sources
Every claim traces to a source we fetched and dated. Community sources are individual threads, not paid reviews.
- Referral-farm bots keep posting dead 'GBP 5 Ziglu' codes through Sep 2026
Daily automated referral posts ('Get a free GBP 5 with Ziglu', ids 1wki5vp, 1wjlzcl, 1wippx8, 1whsw2f, ...) continue in r/referralcodes and r/freebitcoin months after the company entered administration. Important negative evidence: this exact bot spam was cited on 2026-09-18 as proof Ziglu was 'actively onboarding' - it is not; referral farms recycle dead links indefinitely.
- Administration Progress Report - 6 Jan 26
User received the administrators' January 2026 progress email: the admin team is tracing and consolidating funds from banks and crypto exchanges formerly under Ziglu ownership; 'GBP 100Ks' on the way back. Shows the administration was still mid-process 7 months in.
- Ziglu faces $2.7M deficit amid special administration
r/Ziglu thread breaking the GBP 2M shortfall news to affected users; comments document Boost holders realising their yield product was unsecured lending to Ziglu.
- Boost Account Holders - What to do now?
Boost account holders received administrator emails requiring proof-of-debt forms; thread links the official 'ziglu-limited-in-special-administration-update-to-customers-27-august-2025.pdf' on ziglu.io (site now Cloudflare-gated, PDF not fetchable by us).
- Ziglu Faces $2.7M Shortfall as Crypto Fintech Enters Special Administration
Administrators uncovered a GBP 2M (USD 2.7M) shortfall; ~20,000 customers. The 'Boost' product (up to 6% yield, launched 2021) was not protected or ring-fenced - High Court hearing evidence suggested Boost saver funds were diverted to cover general cash flow before the June 2025 filing.
- UK Crypto App Ziglu Enters Special Administration After Failing to Recover From Big Losses
News coverage of the administration: directors declared Ziglu insolvent nine days after the 17 June activity stop; Robinhood's $170M acquisition (April 2022) had collapsed in 2023 after a watered-down $60M counter-offer.
- Ziglu product site (Cloudflare JS-gated at fetch)
Product site behind a Cloudflare JS check; existence confirmed, details require app-level verification.
- Ziglu Limited enters special administration
FCA confirms: special administration since 7 July 2025, RSM Restructuring Advisory LLP appointed. Timeline: FCA product restrictions 23 May 2025; Ziglu stopped all payments and cryptoasset activities 17 June 2025; directors filed for special administration (insolvent) 26 June 2025. Customers told to withdraw all e-money and crypto funds; no FSCS protection; cryptoassets not safeguarded - no guarantee of full recovery. Page updated through 06/02/2026.