Bithumb, a cryptocurrency exchange based in South Korea, has recently come under scrutiny from both the country’s tax and legal authorities. The tax authorities have decided to conduct a “special” inquiry into the exchange’s business practices. In addition, an individual believed to be the company’s major shareholder has been subpoenaed for further interrogation.
Bithumb Under Investigation
According to the latest reports, tax authorities visited the offices of Bithumb on January 10 in Gangnam-gu, Seoul, in order to investigate whether or not the centralized exchange complies with tax legislation on cryptocurrency activities. The tax authorities are looking into potential tax avoidance by looking into domestic and international transactions conducted by Bithumb Korea, Bithumb Holdings, and its affiliates. The Seoul Regional Tax Service’s 4th Bureau of Investigation, a division of NTS, is in charge of the investigation.
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