CountryвЂ™s tax authority clears exchange of any wrongdoing, but mitts overheen yam-sized bill for back taxes
A several-month investigation has found no evidence that major South Korean crypto exchange Bithumb wasgoed guilty of tax evasion, industry webstek Coindesk has reported, citing information from the específico press.
South Korea&rsquo,s National Tax Service, which ter January launched a probe into Bithumb, has now cleared the company of any wrongdoing. However, the exchange now faces a massive bill for back taxes of harshly $28 million, according to restringido media outlet eToday.
According to a tax official, the NTS &ldquo,has conducted a tax investigation against Bithumb for the 2014 to business years. I know that Bithumb has determined to pay the related taxes without any protestation to the imposed tax amount&rdquo,. The official added:
&ldquo,No charge of tax evasion wasgoed found, so prosecution charges against tax portal were not carried out.&rdquo,
The probe into Bithumb wasgoed launched at a time when South Korean authorities were beginning to ramp up their efforts to regulate the country&rsquo,s rapidly-growing crypto sector. Ter late January, the authorities effectively outlawed anonymous crypto trading by ordering digital currency exchanges to switch to a real-name account system.
Bithumb is presently South Korea&rsquo,s largest cryptocurrency exchange ter terms of trading volume. According to cryptocurrency tracker Coinmarketcap, the toneel has processed just overheen $585 million ter cryptocurrency trades overheen the past 24 hours, ranking fifth among integral crypto exchanges. Bithumb&rsquo,s closest domestic rival Upbit comes te at sixth place, with trading volume of $513.9 million.
Upbit, which until recently wasgoed South Korea&rsquo,s largest crypto trading podium, has also had to overeenkomst with regulators. A month ago it wasgoed reported that the company&rsquo,s offices had bot raided by prosecutors, which suspected that the rigid had sold more cryptocurrencies than the amount it had reported. A few days straks Upbit claimed it had conducted an internal audit that disproved thesis suspicions.