Ziglu, a UK-based cryptocurrency startup, has initiated special bankruptcy administration proceedings, signaling significant financial distress. CryptoFundInsider reports the company's struggles follow regulatory actions by the UK Financial Conduct Authority (FCA) in mid-last month. The FCA restrictions effectively halted Ziglu's ability to offer key services, including cryptocurrency issuance, payment processing, and exchange & wallet operations. Ziglu, known for its multiple crowdfunding rounds, previously attracted interest from Robinhood for a potential acquisition. However, those plans ultimately fell through. Currently, Ziglu is urging its users to withdraw all assets from their wallets and accounts as the bankruptcy proceedings move forward. The news highlights the challenges and volatility within the cryptocurrency market and the impact of regulatory oversight on crypto firms. ```