Blockchain.com Faces Legal Action Over Delayed Financial Filings

Blockchain.com is facing legal action for failing to file its financial accounts on time.

The company, which last filed accounts for 2020 but only submitted them recently, appeared in Cardiff Magistrates Court on September 25.

A follow-up hearing is set for November 25, where the company could face an unlimited fine for non-compliance. In the UK, such fines, which previously maxed out at £5,000, can now be much higher and could include up to six months in prison.

Blockchain.com executives Nic Cary and Al Turnbull were summoned in May by Companies House for the delayed filing of accounts, particularly for the year ending in December 2022.

The company, valued at $7 billion and known for its early involvement in Bitcoin wallet services, has also undergone significant layoffs—cutting 150 staff in July 2022 and another 110 in January 2023.

A spokesperson for Blockchain.com stated that they are taking compliance seriously and expect the matter to be resolved quickly. Companies House has ramped up enforcement, with its director of intelligence affirming that the organization will take action when necessary to ensure legal compliance.