Senior executives at a £5bn London-headquartered cryptocurrency business have been indicted over the company's failure to submit accounts on time.
Blockchain.com co-founder and president Nicolas Cary and operations director Al Turnbull were issued subpoenas by the Enterprise Authority in May.
The case was heard at Cardiff Magistrates' Court on September 25, with a further hearing scheduled for November 26, according to court documents seen by the Telegraph.
The cryptocurrency operator filed its business report for the year ending 2020 for the first time this month, but the legal claim relates to its failure to report its accounts for the year ending December 2022.
Founded in York in 2011, Blockchain.com was one of the first digital currency businesses and has emerged as a leading provider of cryptocurrency wallets and trading services. The company was last valued at around $7bn (£5bn) in November 2023, when it raised $110m.
Its wallets are used by tens of millions of people to store and send cryptocurrencies, and its investors include Baillie Gifford, Google Ventures, and billionaire Yuri Milner's DST Global. Masu.
A conviction against a company director for failing to file accounts can result in an unlimited fine.
Blockchain.com said in its 2020 financial results that its directors plan to hire legal counsel and defend the matter.
The company attributed the delay in filing to internal restructuring and “significant reductions in employee numbers across the group,” which “took time to stabilize.” Blockchain.com employs hundreds of people around the world.
It added that the directors were taking “appropriate steps to remedy the company's compliance with all statutory annual filing requirements”.
A spokesperson for the Enterprise Agency said, “We can confirm that enforcement measures are being taken, but we are unable to comment further at this time.'' Blockchain.com did not respond to a request for comment.
The legal claim comes as the Enterprise Agency steps up enforcement actions against companies that fail to submit accounts.
Government agencies have become more aggressive over concerns that the register is being tainted by fake directors and fake companies, and that filing deadlines are being repeatedly ignored.
In March, the House of Companies was given new powers to inquire, investigate and remove false information from the register, promising a more “robust approach”.
Martin Swain, director of intelligence at Companies House, said in September: “If our guidance and support is not enough to encourage users to comply with the law or deter abuse of our register, we will not hesitate to take advantage of these new powers available to us. ” to us. ”
Earlier this month, the Financial Times reported that steel tycoon Sanjeev Gupta is facing charges for allegedly failing to submit accounts for more than 70 companies.
A spokesperson for Mr. Gupta's GFG Alliance said it had “taken all reasonable steps to resolve the situation.”
Mr. Gupta and other directors of both companies have pleaded not guilty.
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