Blocktrade: From Tallinn to Ljubljana – stock market dreams despite tax debts?

The cryptocurrency platform Blocktrade is publicly talking about growth, expansion and a possible IPO. But the sobering register data paints a completely different picture: outstanding tax debts of €280,287.72 in Estonia, two unfiled annual financial statements and a risky relocation to Slovenia. Can a company that positions itself in this way really go public in a serious manner?

Six-figure tax debts instead of transparency

BlocktradeOperations OÜ (reg. no. 14901959) is listed as a ‘tax debtor’ in the Estonian company register. Specifically, the arrears amount to:

Social tax: €171,600.66
Value added tax: €18,177.61
Withheld income tax: €80,190.51
Special cases income tax: €894.16
Penalties and interest: €100 and €4,065 respectively

This brings the total tax liability to over €280,000. At the same time, the annual financial statements for 2023 and 2024 have not been submitted, even though the deadlines have long since passed. A company that violates basic transparency obligations and is in arrears with the tax authorities on this scale hardly fulfils the key requirements for an IPO.

BlocktradeOperations-OUe-Estland-Register Herunterladen

Slovenian branch as a front?

While problems are escalating in Estonia, Blocktrade has been referring to its Slovenian branch (reg. no. 9204911000) in Ljubljana since the end of 2024. It is presented as a new flagship in brochures, privacy policies and marketing materials.

However, legally, this ‘podružnica v Sloveniji’ is merely a dependent branch. It is not an independent company, but is in every respect dependent on its Estonian parent company, including its tax liabilities and legal risks. So anyone who believes that Slovenia will allow them to start with a clean slate is mistaken.

Escaping the tax burden?

Officially, Blocktrade is selling the move as a ‘change in regulatory jurisdiction’. But the timing raises questions: the move coincides exactly with the period in which Estonia reports the tax debt as due and the annual reports are missing. Critics therefore speak of an escape from the Estonian authorities, not a regular expansion.

What does this mean for investors?

The situation is risky for users and investors:

The Estonian OÜ could be forcibly deleted or sanctioned for failing to submit financial statements and tax liabilities.
Creditors and the Estonian tax authorities could also assert claims against the Slovenian branch.
A possible IPO under these conditions seems questionable, if not unrealistic.

Conclusion: IPO or pipe dream?

Blocktrade advertises big plans, but the foundation is shaky. A company that is listed as a tax debtor in an EU member state, does not submit annual financial statements and at the same time markets a new branch as a ‘new start’ must ask itself: How credible are the promises of an IPO?

Investors should take the official registry entries more seriously than the marketing brochures. Until Estonia is cleared up, the Slovenian ‘licence’ remains a questionable fig leaf – and Blocktrade’s future more than uncertain.

Note:

This article is based on publicly available sources, documented complaints from investors and an official press enquiry to Blocktrade. This is a journalistic analysis. All statements about legal risks or possible contractual constellations are to be understood as assessments, not as conclusive legal advice.

Sources:

Estonian Business Register, extract BlocktradeOperations OÜ (reg. no. 14901959), accessed on 10 October 2025
Inforegister Estonia: Payment arrears and ‘tax debtor’ status, accessed on 10 October 2025
AJPES Slovenia / Creditreform Slovenia: Branch ‘BlocktradeOperations OÜ, podružnica v Sloveniji’, reg. no. 9204911000, accessed on 10 October 2025
Blocktrade.com: Privacy Policy, licence information, as of 2024/2025
A-TVP Slovenia, prospectus documents