Bithumb cleared of all tax evasion charges

Posted 11 June, 2018

South Korea's fiscal service has reportedly inspected Bithumb exchange and found no violations of the rules.

“The Tax Service has conducted a review of the accounting records of the years from the 2014 to 2017 business years. Bithumb has paid the appropriate fees and taxes without objection,” the National Tax Service noted. 

According to local media, the authority has dropped all the charges regarding tax evasion over 2017. 

The released data showed that the company's net profit amounted to KRW 427.2 over the period under review (171-fold up from the 2016 results). Its 2018 tax bill is some $28 million. 

The inspection was launched at the beginning of the year. For reference, the authority directed its agents to the exchange HQ in Seoul in January, as the news reports read. The tax service representatives checked all the data concerning income from trade commissions payment as well as profit from crypto dividends.

Notably,

"Bithumb has reportedly stated that they had not been informed of the results of the investigation prior to the public announcement; the National Tax Service made contradictory claims."

It is also worth mentioning, that more than a half of the platform's users are said to fail to pass KYC in May, which made the company consider reduction of withdrawal limits for such clients.

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