PANews reported on June 4, according to This Is Money, that the Boost account service of the UK crypto platform Ziglu has been frozen, preventing customers from withdrawing funds. This service offers up to 6% interest returns on crypto assets but is not regulated by the UK's Financial Conduct Authority (FCA) and is not covered by the Financial Services Compensation Scheme.
The FCA issued a restriction order on May 16, prohibiting Ziglu from disposing of Boost account assets. The platform stated it is working with regulators to develop a fund return plan and has committed to providing the latest updates by June 13. Customers reported that their accounts have been frozen for over two weeks; although the platform claims the funds are risk-free, the lack of specific protective measures has raised concerns. Ziglu's CEO stated plans to transfer assets to regulated fiat accounts within June. The platform was acquired by Robinhood in 2022, and its regular investment accounts are currently unaffected.
