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Bithumb Under Investigation by South Korean Tax Agency

Bithumb Under Investigation by South Korean Tax Agency

Bithumb, a South Korea-based cryptocurrency exchange, was put under the scope of the South Korean Tax Agency for a “special tax investigation”.

South Korea's National Tax Service (NTS) launched an investigation into Bithumb, according to local sources, on Jan 10. The investigation is being conducted by the 4th Bureau of Investigation of the Seoul Regional Tax Service, which is responsible for special tax investigations rather than regular tax assessments.

However, this is not the first time that Bithumb has been the subject of a tax investigation by the NTS. In 2018, the agency conducted yet again a “special tax investigation” on Bithumb and collected 80 billion South Korean won, nearly equivalent to $64 million in income taxes.

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The current investigation is aimed at verifying tax evasion by examining the domestic and international transactions of Bithumb and its affiliates.

The NTS is also said to be looking into the tax evasion circumstances related to Mr. Kang Jong-hyeon, a businessman who is suspected to be the real owner of Bithumb and a key figure in an embezzlement case involving related companies. The agency is investigating Mr. Kang's younger sister, Mr. Kang Ji-yeon as well.

Local sources suggest that the exact scope and details of the NTS investigation are not yet clear, but it highlights the increasing regulatory attention that the cryptocurrency industry is facing in South Korea.

In other news related to regulations, Nepal orders internet providers to block access to crypto websites.

Aaron S., Editor-In-Chief
Having completed a Master’s degree in Economics, Politics, and Cultures of the East Asia region, Aaron has written scientific papers analyzing the differences between Western and Collective forms of capitalism in the post-World War II era.
With close to a decade of experience in the FinTech industry, Aaron understands all of the biggest issues and struggles that crypto enthusiasts face. He’s a passionate analyst who is concerned with data-driven and fact-based content, as well as that which speaks to both Web3 natives and industry newcomers.
Aaron is the go-to person for everything and anything related to digital currencies. With a huge passion for blockchain & Web3 education, Aaron strives to transform the space as we know it, and make it more approachable to complete beginners.
Aaron has been quoted by multiple established outlets, and is a published author himself. Even during his free time, he enjoys researching the market trends, and looking for the next supernova.

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