Yes, as an Electronic Money Institution we’re required to safeguard the money that we receive from our customers.
This means that any money we receive from customers is placed in a dedicated bank account and is held separately from our own funds.
Safeguarding helps to protect you because it means that if we were to become insolvent, our customers would be paid out from the safeguarding accounts before most claims against us are paid out, meaning you’d get most of your money back.
As we are an electronic money institution and not a bank, your money is not covered by the Financial Services Compensation Scheme. That’s because it’s safeguarded instead.
Ziglu is authorised and regulated by the Financial Conduct Authority for the issue of electronic money and the provision of related payment services. This authorisation is under the Electronic Money Regulations 2011 and our Financial Services Register number is 900977.
When it comes to cryptocurrency investing, our due diligence to protect your assets is addressed in the following way:
We partner with Coinbase Europe to trade and custody cryptocurrencies. Coinbase Inc is a highly-regulated and publicly-traded company, and while based in the US, Coinbase Europe has an EU e-money licence and CB Payments has a UK FCA e-money licence.