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Massive Taxes Slapped on Bithumb

Written: 2018-06-08 17:16:26Updated: 2018-06-08 17:54:19

Massive Taxes Slapped on Bithumb

Photo : YONHAP News

The National Tax Service plans to impose taxes of tens of billions of won on South Korea's largest cryptocurrency exchange, "Bithumb".

This comes in the wake of the massive tax probe into the the Bithumb exchange in Seoul that started back in early January.

Bithumb officials said Friday the tax probe was over in April and the company is now waiting for the government's final taxation amount.

The national tax agency is said to have calculated the amount at over 30 billion won, or nearly 28 million U.S. dollars, after inspecting Bithumb's transaction fees and other earnings.

Bithumb posted some 300 billion won in revenue last year, up 77 fold from just a year ago. 

The tax authority, however, is not expected to file a criminal complaint against Bithumb.

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