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UK Crypto Bosses to Face Court Over Financial Irregularities
Two directors of Blockchain Access UK Ltd are set to face court due to their failure to file financial accounts since 2020. The company, valued at over $6 billion, has not submitted accounts past December 2020, despite actively raising funds.
Blockchain Access UK has attracted substantial investments since its founding by Nicolas Cary and Alasdair Turnbull in April 2018, notably a $107 million Series B follow-on round in 2021. In 2023, it raised additional funding of US$110 million, valuing the group overall at £6 billion. However, this significant growth is overshadowed by its failure to comply with financial reporting obligations.
Cary was one of the founders of crypto giant Blockchain.com in 2011, and for some time, it seemed that Blockchain Access UK was going in the same direction, given its investment, valuation, and international expansion. However, not filing company accounts for one year is a red flag; not filing them for four years suggests something extremely rotten with the company.
As a result of their transgressions, Cary and Turnbull are due in court next week following a rare prosecution brought by Companies House, with records showing that Blockchain Access UK has three County Court Judgments against its name.
Source: fullycrypto.com
