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South Korean regulators raid the office of one of the largest Crypto players in the country

By Samvidha Sharma10 January 2023, 10:56 PM
South Korea’s financial regulators draft new accounting standards for the Crypto sector amid transparency concerns

As per a local media report, the National Tax Service (NTS) of South Korea has launched a special investigation on Bithumb Korea and Bithumb Holdings, which operate Bithumb, a local cryptocurrency exchange. 

On January 10, the national tax agents raided the exchange’s headquarters in Gangnam-gu, Seoul, the capital city, to investigate if the firm complied with tax regulations on cryptocurrency activity. 

Reportedly, the investigation was carried out by the 4th Bureau of Investigation of the Seoul Regional Tax Service. This unit of the Seoul metropolitan government is dedicated to “special tax investigations, “not regular tax investigations. 

In this investigation, the NTS verifies tax evasion by examining domestic and international transactions of Bithumb Korea, Bithumb Holdings, and affiliates. In addition, it will verify any tax evasions related to Mr. Kang Jong-hyeon, who is suspected to be the real owner of the firm and a key figure in the embezzlement case of related companies, alongside his younger sister Kang Ji-Yeon.

However, this is not the first time the exchange has faced a tax investigation. Before this, in 2018, the NTS conducted a special tax investigation on this exchange and collected over 80 billion won ($64 million) in income tax.

At the moment, this story is developing and new details will be added as soon as more information is available. 

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