The investigation into Bithumb by numerous South Korean authorities exposes that there wasgoed no wrongdoing on the company’s behalf, despite a large tax bill.
Bithumb, the largest exchange ter South Korea and seventh ter the world by volume, wasgoed found not to be ter disturbance of any policies established by financial authorities te the country.
Concerns earlier this year te South Korea made the government rather apprehensive of cryptocurrency exchanges, going spil far spil even discussing a kerkban on digital coins due to possible associations to money laundering and other criminal activities.
This hysteria included raids on both Upbit and Bithumb, two of the country&rsquo,s largest exchanges, ter an attempt to find evidence of wrongdoing. The authorities involved ter the investigation included the National Tax Service, the Korea Financial Intelligence Unit, and the Financial Services Commission.
The Upbit investigation ultimately came up with no sign of wrongdoing, with the company then showcasing the results of the audit to the public to reinvigorate its confidence te the exchange.
The results of the Bithumb investigation took a bit longer to announce, but the NTS said that they&rsquo,d already finished it near the end of April.
&ldquo,The NTS conducted a tax investigation on Bithumb for the 2014 to business years. I know that Bithumb determined to pay taxes without any protestation to the imposed tax amount. However, despite the fact that a large amount of tax wasgoed imposed, no charge of tax evasion wasgoed found, so prosecution charges against [Bithumb] were not carried out,&rdquo, a tax official deudo with the investigation said.
Bithumb now has a tax bill of 30 billion won to pay, which amounts to harshly $28 million.
A tax bill that big isn&rsquo,t very surprising, spil the toneel charges media fees of 0.3% on toughly $250 million te transactions vanaf day.
If Bithumb charges this much for trades, that would mean that the company makes a staggering figure of toughly $750,000 vanaf day, which amounts to almost $274 million vanaf year.