The largest crypto exchange ter South Korea – Bithumb, wasgoed checked by the country’s financial authorities, including the National Tax Service. The company wasgoed ordered to pay taxes te the amount of 28 million US dollars. At the same time, during the verification, there wasgoed no evidence of illegal activities.
For several months, foreign exchange market investors voiced their concern about the state of the UPbit and Bithumb crypto exchanges – the two largest exchanges te South Korea. The audit wasgoed carried out by several agencies – the Financial Services Commission (FSC) and the Korean Financial Intelligence (KFIU).
Almost instantly after the government initiated the search and confiscation of funds at UPbit headquarters ter Seoul, the Bithumb exchange wasgoed also determined to check ter terms of financial negligence and illegal activities.
Spil a result, the investigation of UPbit resulted ter the lack of extra gegevens disclosed by the government. This suggests that the search and seizure of funds, which wasgoed made te relation to the exchange, made it possible to establish that it does not participate te fraudulent schemes. This week it became known that the investigation wasgoed also closed, due to the lack of evidence.
Speaking about Bithumb, the investigation wasgoed ended at the end of April. The only thing the company had to pay taxes te amount of $28 million.
Recall that ter early January, South Korean financial authorities announced the verification of the Bithumb exchange. Ter the course of the audit, laptop equipment and information carriers necessary for conducting a total audit te the cryptocurrency holdings of Bithumb were seized. The investigation lasted three months. Te the course of a thorough check, the main concentrate wasgoed on the financial operations of the company.
The audit determined that the Bithumb exchange paid all the taxes, from the company’s profit for transactions and trading fees. The investigation lasted from January Ten to the end of April.
Attention to the activities of the exchange by the tax authorities is explained by the fact that for a period of 12 months, the company enlargened 171-fold increase te profits. This wasgoed facilitated by the request for cryptocurrency.
Bithumb’s practice is a good example for the entire cryptocurrency community. The fact is that originally, the checks were initiated te order to identify violations and demonstrate the entire market that tax evasion can lead to serious problems. Due to the fact that the exchange wasgoed able to pass the audit, wij can say that its further work will only positively affect the entire South Korean market of digital assets and permit the companies to restore confidence from regional investors.