South Korea’s National Tax Service is investigating Bithumb, a cryptocurrency exchange based in the country, for possible tax evasion.
Agents of the Seoul Regional Tax Service’s 4th Bureau of Investigation, which looks into “special tax investigations,” searched Bithumb’s headquarters.
The investigation is looking into domestic and international transactions of Bithumb Korea, Bithumb Holdings, and its affiliates and whether they have been involved in tax evasion related to the ownership of Bithumb.
This is not the first time Bithumb has been investigated by the NTS and its former chair, Lee Jung-Hoon, was recently cleared of fraud charges of $70 million.
Additionally, the largest shareholder and executive of Bithumb was found dead while being investigated for embezzlement and stock price manipulation by local authorities.
Judith Faith has been writing about cryptocurrencies and blockchain technology for over five years. She is well versed in the industry and has an extensive network of industry contacts. She is also a frequent contributor to various cryptocurrency publications. With her vast knowledge and experience, she is able to provide insightful and valuable content to her readers. Judith is also an active investor in the cryptocurrency space and has a vested interest in the success of the industry.
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