About purchasing crypto
If you press 'Exchange' in our App, you will be instructing us to exchange your traditional (fiat) currency or other cryptocurrency held by you for the cryptocurrency or fiat currency you have selected. Ziglu has applied for authorisation by the FCA as an e-money institution and would, if successful, issue e-money in exchange for your fiat currency. This is an activity regulated by the Financial Conduct Authority. Your fiat currency will be safeguarded at an EEA authorised credit institution in accordance with the requirements of the Electronic Money Regulations 2011. Cryptocurrency is not regulated by the Financial Conduct Authority.
As soon as you press 'Exchange' in our App in relation to exchanging fiat currency for cryptocurrency, your money will be transferred from our custodian bank and its protected, regulated environment to the relevant cryptocurrency exchange where it will not be protected or regulated. If you are exchanging cryptocurrency for fiat currency, the value will be transferred from the unregulated/unprotected environment to the protected, regulated environment of our custodian bank. If you are exchanging cryptocurrency for another cryptocurrency, all value will remain in an unregulated and unprotected environment, outside the scope of the Financial Conduct Authority.
PLEASE ALSO NOTE: Cryptocurrency is extremely volatile. As a result, the value of your investment may be significantly less than the amount of fiat currency you exchange and you could lose all of the value of the fiat currency or other cryptocurrency you exchange if any cryptocurrency you choose loses its value. This could happen over time or immediately and you will have no recourse or protection in the event this is the case. Neither the fiat currency nor e-money products offered by Ziglu are covered by the Financial Services Compensation Scheme.
Please only proceed with your chosen Exchange of currencies if you have fully understood and are willing to accept these risks.