South Korea’s Largest Crypto Exchange Bithumb Clears Tax Audit

eToday reported,

” The National Tax Service (NTS) has confirmed the tax on the Bithumb, the largest virtual currency exchange in Korea, on August 8. The related tax amount is estimated to reach 30 billion won. This is in accordance with the results of an in-depth tax audit conducted by the Internal Revenue Service against Bitsum. However, the IRS did not find any illegal activities such as tax evasion”

Bithumb, like many exchanges during 2017, had benefitted from the surge in demand for purchasing and trading cryptocurrencies. Its profits had reportedly increased 171-fold over the 12 months leading to the NTS investigation, though it’s probable that much of that was garnered simply by the appreciation of many cryptocurrencies over the year.

An official from the National Tax Service stated,

“The Tax Service has conducted a review of the accounting records of the years from the 2014 to 2017 business years. Bithumb has paid the appropriate fees and taxes without objection. Although a very large tax amount was imposed, it does not mean that there was any implication of tax evasion from the exchange. No charges of tax evasion have been or will be pressed against the exchange at this time.”

Announced in May, Bithumb, in cooperation with South Korean financial authorities as part of its anti-money laundering efforts, ceased services to residents of 11 countries that were identified by the Financial Action Task Force as having failed to comply with AML standards.

Read More: South Korea’s Crypto Exchange Bithumb To Ban Trading in 11 Countries

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