Senior executives at Blockchain.com, a £5bn cryptocurrency firm, are facing legal proceedings after failing to file their company accounts on time. Nicolas Cary, co-founder and president of the London-based company, along with operations executive Al Turnbull, were issued with a summons by Companies House earlier this year, leading to court hearings over the matter.
The case first came to light in May, and was heard at Cardiff Magistrates Court on September 25. A follow-up hearing is scheduled for November 26. The charges relate to the company’s failure to submit its accounts for the financial year ending December 2022. In a late attempt to address the issue, Blockchain.com only managed to file accounts for the year ending 2020 earlier this month.
Founded in 2011 in York, Blockchain.com has grown to become one of the earliest and most influential digital currency businesses. The company, which provides cryptocurrency wallets and trading services to millions of users globally, was valued at $7bn (£5bn) in November 2023. Investors in the firm include big names such as Baillie Gifford, Google Ventures, and DST Global, the investment firm founded by Russian billionaire Yuri Milner.
The company now faces a potentially serious outcome if found guilty. Under UK law, failure to file accounts on time can result in substantial penalties, including unlimited fines for company directors. In its accounts for the year 2020, Blockchain.com revealed that it had sought legal counsel and planned to mount a defense against the allegations.
The company attributed its delayed filings to an internal restructuring process and significant workforce reductions, which reportedly caused disruptions across its operations. “The company has experienced a significant reduction in the wider group’s workforce, which has taken a period of time to stabilise,” the company said in its statement. It added that its directors were taking “appropriate steps to remediate the company’s compliance with all statutory annual filing requirements.”
With its headquarters in London and hundreds of employees spread across the globe, Blockchain.com remains a key player in the rapidly evolving cryptocurrency sector. Its popular wallets and services have played a pivotal role in making digital currency accessible to tens of millions of users worldwide.
The ongoing court case casts a shadow over Blockchain.com’s otherwise impressive growth trajectory. The outcome of the November hearing could potentially have far-reaching consequences for the firm and its leadership, as the global crypto industry continues to grapple with regulatory scrutiny.
For now, the company is focusing on addressing its compliance issues and regaining its standing.
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