Effective 28 February 2022, Blockchain.com will transfer UK customers' retail accounts from the United Kingdom to Lithuania. As part of that transition, we will transfer these accounts from Blockchain Access (UK) Ltd to our European subsidiary registered in Lithuania, Blockchain (LT), UAB.
At present, Blockchain Access UK Ltd is registered with the Financial Conduct Authority (in connection with the provision of Blockchain.com's custodial wallet and the operation of the Blockchain.com Exchange). This entity is also registered with the UK's National Crime Agency.
Blockchain.com is moving a portion of its business (servicing its UK and European customers) to its Lithuanian affiliate. This entity is set up in Lithuania to comply with the 5th Anti-Money Laundering Directive and registered with the Lithuanian Financial Crime Investigation Service. Other regulated entities established in other locations will service customers based in those locations.
Data will continue to be handled in accordance with GDPR, where applicable, and other relevant data privacy requirements.
If you are a UK customer, nothing will change for you. You will have uninterrupted access to your account and products throughout the transition, and you do not need to take any action. The only difference will be communications and services coming from Blockchain (LT) UAB instead of Blockchain Access (UK) Ltd.
Here are answers to common questions about this transition:
Why the change?
Blockchain.com now serves more than 200 countries, and moving customer accounts to reflect the regions where they are located such as the EU, or U.S. and to Lithuania – a decision many financial companies have made of late – will allow us to continue this global expansion.
Is there a risk that UK customers will lose access to their crypto/funds?
Absolutely not. Customers will have uninterrupted access to their account and products throughout the transition, and their funds will remain secure.
Can we expect more changes like this in the future?
As is customary for any business, we routinely review our business registrations to ensure customers have the best experience. Everything we do is with a customer-first mentality, and we will always communicate any changes with customers directly.
What happens if a new UK-based customer wants to open an account?
New UK-based customers will be able to open an account, just through our Lithuanian entity.
How do I know if my account was migrated?
As of February 28, 2022, all accounts will be migrated. Customers will begin to see communications coming from Blockchain (LT), UAB instead of Blockchain Access UK Ltd.