South Korea Begins Investigation into Crypto Exchange Bithumb (Report)

South Korea’s National Tax Service (NTS) reportedly met with Bithumb Korea and Bithumb Holdings through a “special tax investigation” to determine whether the cryptocurrency platform complied with local tax laws.

Officials also investigated Kang Jong-hyeon (rumored to be the actual owner of the stock exchange) and his sister – Kang Ji-yeon.

Tax issues for the local giant

According to new coverage, the Seoul Regional Tax Department’s Fourth Investigation Bureau will examine whether Bithumb has been involved in any tax evasion. It should be noted that this module only solves special tax cases.

NTS will likely verify Bithumb’s tax activities by monitoring the company’s international and domestic transactions. The authorities will investigate the activities of Kang Jong Hyun (the default owner of the company) and his younger sister – Kang Ji Yoon.

Several sources have indicated that Jong-hyeon is the largest shareholder in Bithumb. But to keep a low profile, he registered most of his business interests, real estate, and several vehicles in his brother’s name. Recently, the South Korean press reported that the mystery man is dating Park Min Young (one of the most popular local actresses).

Officials conducted a similar tax investigation on Bithumb in 2018. They then received 80 billion won (more than $64 million) in income tax.

The latest drama about Bithumb

like encrypted potatoes mentioned At the end of 2022, Vidente’s Vice President – Mr. Park – died near his home in Seoul, while the preliminary investigation found no signs of a possible murder. His company is among the largest shareholders of Bithumb Holdings (the organization behind the trading platform).

Park faced multiple charges of stealing client funds and manipulating stock prices, while former FTX CEO Sam Bankman-Fried was reportedly in advanced talks to take over the exchange.

Other coverage reported that Lee Jung-hoon — the former head of a South Korean cryptocurrency exchange — did not violate the severe punishment law for specific financial crimes and did not defraud Kim Byung-gun of 112 billion won ($87.5 million). Had the court found him guilty, he could have been imprisoned for up to eight years.

The post by South Korean-initiated investigation of cryptocurrency exchange Bithumb (report) first appeared on CryptoPotato.

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