Blockchain.com executives face court for submitting company records late

• Nicolas Cary and Al Turnball received a summons from Companies House in May
• Blockchain.com blamed the late filing on a restructuring of the company and a “significant reduction in the wider group’s workforce”
• The company filed business accounts for the year ending 2020 in October

London-based Blockchain.com is facing prosecution after two senior executives failed to submit company records on time.

The Telegraph reported that Nicolas Cary, Blockchain.com’s co-founder and president, and operations executive Al Turnball received a summons by Companies House in May.

According to the report, Blockchain.com only filed its business accounts in October for the year ending 2020. However, the legal claims focus is on the company’s delayed filing of accounts for the year ending December 2022.

Blockchain.com blamed the late filing on a restructuring of the company and a “significant reduction in the wider group’s workforce,” which the company said has taken time to stablize.

In its 2020 accounts, Blockchain.com said it had hired legal advisors and was preparing to defend the charges against it.

The case was heard at Cardiff Magistrates Court on September 25 and another hearing is expected on November 26.

Established in 2011 by co-founder Peter Smith and Nicolas Cary, Blockchain.com has 37 million verified users, serves more than 200 countries, has over 89 million wallets, and has processed more than $1 trillion worth of transactions. Some of its investors include Baille Gifford, DST Global, and Google Ventures.