Bithumb Crypto Exchange Reportedly To Pay $68.9M Tax Bill

Bithumb Crypto Exchange
Bithumb Crypto Exchange

🌟 Join the Revolution! 🌟 DeeStream Presale Stage One is NOW LIVE!

Major South Korean Crypto Exchange Bithumb is reportedly looking to undertake administrative litigation over a $68.9 million (80 billion won) tax bill.

English-language local news outlet KoreaHerald reported on Dec. 29 that the local tax agency has handed down over 80 billion won in taxation on the exchange.

The first occurrence of its kind in South Korea Bithumb Crypto Exchange

The outlet notes that according to documents published by Bithumb’s largest shareholder Vidente via the financial supervisory services, the National Tax Service forced the exchange to pay the withholding taxes on trading activities of foreign customers. Vidente reportedly found out about the tax earlier this week, after acquiring a 34.24% stake in the parent company of the cryptocurrency exchange.

🎬 The Future is Streaming, and it’s Decentralized! 🎬 DeeStream’s Presale Stage One is OPEN!

KoreaHerald explains that a foreign corporation that has no permanent establishment in South Korea has to pay withholding tax. Still, such taxation rules have not yet been applied to the cryptocurrency trading industry. While abiding the ruling, Bithumb plans to put up a fight to avoid paying the bill and considers administrative litigation.

2019 for Bithumb

This has been a difficult year for Bithumb. In June, the exchange was prosecuted for its alleged failure to take adequate measures to protect personal information, which was later presumably exploited by hackers to steal funds from the platform. In March, Bithumb has seen over million EOS (about $12.5 million at the time) siphoned from its hot wallet in a hack.

As Cointelegraph explained in a dedicated in-depth piece, this year has seen significant developments when it comes to cryptocurrency taxation. It seems that countries around the world realized cryptocurrencies are here to stay and adjusted their crypto tax policies as a result in order not to miss out on the revenues.

💰 Exclusive Presale Tokens Available - Invest in the Future of Streaming!

👉 [Visit DeeStream.com/Presale]