A spokesperson for Blockchain.com stated, “We have organized every necessary record regarding this administrative matter.”
Blockchain.com is currently facing prosecution for failing to submit its current accounts, which is a result of the recent opacity surrounding its finances. It was sent only this month, despite the fact that the most recent filing was in 2020. Cardiff Magistrates Court heard the matter on September 25.
Despite their association with a business’s tax return, accounts are distinct from taxes and are predominantly comprised of financial statements that demonstrate the company’s financial stability. The company is scheduled to appear at an additional hearing on November 25, as indicated by court documents. Failure to file accounts may result in an unlimited sanction due to conviction.
In the United Kingdom, “unlimited fines” are a reference to the fact that magistrates were previously restricted to issuing penalties of £5,000, even for the most severe or “level five” offences. In 2015, the limit was abolished, and sentences may now include six-month penitentiary sentences.
In May, Companies House issued a summons to President Nic Cary and Operations Executive Al Turnball of Blockchain.com for failing to timely register their company accounts. Its failure to submit accounts for the year ending December 2022 is the basis for the current legal claims.
Beginning operations in 2011 in York, England, the $7 billion firm was an early Bitcoin digital wallet provider. Google Ventures and Baillie Gifford are among the investors in the company, which currently hosts tens of millions of users who utilize its wallet services to store and transmit cryptocurrency.
Blockchain.com, which employs hundreds of employees worldwide, has experienced a “substantial decrease in the overall workforce, which has required a period of time to stabilize.” The organization terminated 150 employees in July 2022 and an additional 110 employees in January 2023.
A spokesperson for Blockchain.com informed Decrypt that the company is committed to adhering to all applicable license and regulatory requirements worldwide.
After the government granted Companies House new powers to improve its enforcement policies in March, director of intelligence Martin Swain stated, “We will not hesitate to use these new powers available to us where our advice and assistance are not enough to encourage users to comply with the law or discourage misuse of our registers.”
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