Crypto Exchange Bithumb Hit With Bill After Tax Investigation Ends

in #blockchain6 years ago

Bitthumb a South Korean cryptocurrency exchange has been found not guilty of tax evasion. but now faces a massive tax bill.

The South Korean National Tax Service launched an investigation into the firm back in January amid a wider crackdown on crypto exchanges. The company has been cleared of wrongdoing but Bithumb now faces a bill for back taxes that totals 20 billion Won (almost 28 million).

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"No charge of tax evasion was found, so prosecution charges against tax portal were not carried out," the official continued.

The exchange has reportedly said it is yet to receive a formal notice about the final tax liability.

The South Korean authorities have been intensifying their actions against the country's crypto exchanges since late last year, moves that followed a ban on initial coin offerings (ICOs) in September.

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