Bithumb probed by South Korean tax officials: Yonhap News Agency

Quick Take

  • South Korea’s National Tax Service (NTS) has reportedly launched a “special tax investigation” into crypto exchange Bithumb.
  • Officials are investigating if Bithumb complied with tax regulations on cryptocurrency activity.

The National Tax Service (NTS) of South Korea has reportedly launched a "special tax investigation" into Bithumb Korea and Bithumb Holdings.

On Jan. 10, tax agents raided Bithumb's headquarters in Gangnam-gu, Seoul to investigate if Bithumb complied with tax regulations on cryptocurrency activity, Yonhap News Agency, a major South Korean news agency, first reported.

The tax officials are investigating possible tax evasion by examining domestic and international transactions made by Bithumb Korea, Bithumb Holdings and their affiliates, the report said. The probe is led by the 4th Bureau of Investigation of the Seoul Regional Tax Service, a department within NTS.

This is not the first time that Bithumb has faced a tax probe. NTS launched an investigation into the firm in 2018 and collected 80 billion won ($64 million) in income tax.

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