Gold Payment App Falls Into Administration

Law360, London (September 23, 2019, 4:25 PM BST) -- Gold payment app Glint has gone into administration after being declared insolvent, the Financial Conduct Authority has announced, leaving customers in the dark about the safety of their funds.  

The U.K. markets watchdog said in an update on its register Friday that Glint Pay Ltd., which was authorized and supervised by the FCA to issue e-money and provide payment services under the Electronic Money Regulations 2011, had fallen into administration.

The FCA advised customers of startup Glint, which allowed people to buy and sell grams of gold through a mobile app, that their funds are not protected by the U.K.’s...

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