No Violations Detected During Tax Audit of South Korean Exchange Bithumb

During the audit of the Bithumb exchange, the officers of the South Korean Tax Service did not discover any violations. As a result, the platform was released from  previously voiced suspicions of tax evasion. The exchange’s administration reported the amount of net profit received, which is more than 420 billion Korean won. This indicator is 2.5 times higher than the result of 2016. As a result of the audit, the platform needs to pay taxes worth about $30 million.

The operation of the Bithumb exchange was checked by the tax service in the framework of the ongoing campaign aimed at combating violations of South Korean crypto-exchanges. These actions were held simultaneously by several services. The audit commission of the tax service, consisting of several people, started its work in January. For months, the data on the profits received by the exchange from commissions paid by users were collected. Also, the profit received by the platform following the quotation growth of cryptocurrency assets was also analyzed.

An interesting fact is that until the completion of the audit and publication of its results, the exchange’s administration did not receive information about the current state of affairs. The official information received from the tax authorities was contradictory.

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