Crypto exchange Bithumb hit with massive tax bill of $69M

posted 7 months ago
South Korea's largest cryptocurrency exchange, Bithumb, has been hit with a hefty tax bill of 80.3 billion won (~$69.5 million). Bithumb’s largest shareholder, Vidente Co., confirmed the tax claim in a regulatory filing on Friday.

South Korea's, the National Tax Service (NTS), has reportedly levied withholding tax on Bithumb’s foreign customers' income. The taxation authority categorized the exchange's cryptocurrency trading of foreigners as miscellaneous income, recognizing capital gains from crypto trading as “assets.”
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