Blockchain.com attributed the delayed submission to a “substantial reduction in the wider group’s personnel” and a restructuring of the company.
Blockchain.com is currently under investigation for prosecution due to the failure of two senior executives to timely submit company records.
The Telegraph reported that Companies House issued a summons to Nicolas Cary, the co-founder and president of Blockchain.com, and Al Turnball, the operations executive, in May.
The report indicates that Blockchain.com only submitted its business accounts for the year ending in 2020 in October. The company’s delayed filing of accounts for the year ending December 2022 is the primary focus of the legal claims.
Blockchain.com attributed the tardiness of the filing to a restructuring of the company and a “substantial reduction in the wider group’s personnel,” which the company claimed has required time to stabilise.
Blockchain.com Spokesperson says that “Blockchain.com takes seriously our compliance with license and regulatory requirements around the world. We have sorted all necessary documents related to this entirely administrative matter and are confident it will be closed quickly.”
The 2020 accounts of Blockchain.com indicated that the company had engaged legal advisors and was in the process of defending itself against the allegations.
Cardiff Magistrates Court heard the case on September 25, and an additional hearing is forthcoming on November 26.
Blockchain.com, which was founded in 2011 by co-founders Peter Smith and Nicolas Cary, has over 89 million wallets, serves over 200 countries, and has processed over $1 trillion in transactions. The platform has 37 million verified users. Baille Gifford, DST Global, and Google Ventures are among the investors.
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