The Isle of Man Financial Services Authority has published a public statement confirming that it revoked Blackfridge SC Limited’s entire licence on Oct. 5, 2026, following persistent governance, compliance, reporting and supervisory failures. The regulator concluded that continued licensing would pose a significant risk to its regulatory objectives and undermine confidence in the Isle of Man’s financial services industry. Blackfridge has no operational staff and only one director, who is not resident on the island. It has lacked a head of compliance, money laundering officer and deputy money laundering officer since Aug. 23, 2024, leaving it without regulatory compliance or financial crime prevention functions. The firm also failed to submit audited financial statements and related information for the periods ending in 2022 and 2023. Its auditor resigned in February 2025, preventing completion of the 2024 audit. Other breaches included failing to provide required monthly supervisory information since July 2024, pay its 2024-25 licence fee or settle a GBP 2,000 administrative civil penalty. The authority had suspended Blackfridge’s licence with the firm’s agreement in January 2025, but the company failed to meet required actions or comply with a direction issued at that time. It also failed to demonstrate a viable, sustainable business model in the regulatory sandbox and missed three agreed deadlines to complete a proposed surrender of its licence.

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