The South Korean National Tax Service agency launches an investigation into Bithumb, according to local reports.
Local reports state that the National Tax Service (NTS) of South Korea is conducting a “special tax investigations” against the cryptocurrency exchange Bithumb.
According to reports, tax authorities conducted a compliance investigation at the exchange’s headquarters in Seoul, the nation’s capital, on January 10. By looking into the domestic and international transactions of Bithumb Korea, Bithumb Holdings, and its affiliates, authorities are investigating the likelihood of tax evasion.
The agents are also looking into potential tax avoidance in relation to Bithumb ownership. The Seoul Regional Tax Service’s 4th Bureau of Inquiry, which specializes in “special tax investigations” as opposed to conventional ones, conducted the investigation.
In 2018, the NTS conducted a special tax investigation on Bithumb, which resulted in a tax settlement of over $64 million.This development occurs after Lee Jung-Hoon, a former chair of Bitchumb, was cleared of fraud charges involving $70 million on January 3.
An official at Bithumb’s biggest shareholder, Park Mo, was discovered dead on December 30—shortly before the verdict of not guilty. Authorities in his area were looking into him for stock price manipulation and embezzlement.
The executive’s passing was the most recent in a string of cryptocurrency billionaires who passed away within a month of one another, among them co-founders of the Amber Group and MakerDAO Nikolai Mushegian.
Some members of the neighborhood have emphasized how they happened close to when FTX fell. Regulators from all over the world have been closely monitoring the cryptocurrency market in light of the recent unrest.
