Legal Action Against Blockchain.com Executives Over Late Account Filings

Two senior executives of Blockchain.com are facing prosecution for the company’s failure to file accounts on time, with court proceedings initiated by Companies House.

Executives Charged and Court Proceedings

British cryptocurrency provider Blockchain.com is in legal trouble as its co-founder and president, Nicolas Cary, alongside operations executive Al Turnbull, have been charged for not filing the company’s accounts promptly. The court documents reveal that the legal proceedings began in Cardiff Magistrates Court on Sept. 25, with the next hearing set for Nov. 26.

Reasons for Delayed Filing

Blockchain.com attributed the late submission of accounts to a restructuring process and significant downsizing of the company’s workforce, which needed time to stabilize. Despite seeking legal advice and gearing up to defend the charges, a conviction could lead to an unlimited fine for the directors.

Company Background

Founded in 2011 by Peter Smith and Nicolas Cary, Blockchain.com achieved a valuation of $7 billion in November 2023, securing $110 million in funding. Notable investors like Baillie Gifford, Google Ventures, and Yuri Milner’s DST Global have backed the company.

Valuation Fluctuations

However, recent reports indicate a significant drop in Blockchain.com’s valuation to less than half its peak of $14 billion, following challenges like exposure to the collapse of hedge fund Three Arrows Capital, which the company had lent $270 million to.