Bithumb Not Guilty of Tax Evasion, Concludes South Korean Tax Authority

Bithumb Tax Evasion

Bithumb has been declared ‘not guilty’ by South Korea’s National Tax Service after it has conducted its investigation on the said exchange platform.

The investigation for the South Korean cryptocurrency exchange platform began in January 2018 and has just concluded recently, declaring that Bithumb is cleared from tax evasion charges.

However, the investigation further revealed that the crypto exchange will be paying a huge tax bill amounting to 30 bln Won (approximately $28 mln).

The National Tax Service has, in its statement, “conducted a tax investigation against Bithumb for the 2014 to 2017 business years,” and in this regard, “no charge of tax evasion was found, so prosecution charges against tax portal were not carried out.”

Additionally, “Bithumb has decided to pay the related taxes without any objection to the imposed tax amount.” Ironically, Bithumb was reported to have said that it has not yet received a formal notice regarding the tax liability.

South Korea has been very firm in its refusal to make legal anonymous trading since January and has conducted numerous investigations on different crypto exchange platforms for crimes such as fraud and embezzlement. Just recently, the country’s local police division has named Coinone exchange as one being charged with illegal gambling.

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