Government Tax Audit Successfully passed by Bithumb

South Korea’s largest cryptocurrency exchange Bithumb has been cleared of all charges connected with alleged tax evasion for 2017
08 June 2018   462

The decision to descent the accusations was declared on June 8, after the intensive audit of Bithumb’s accounting records. The exchange paid its normal tax bill of $28 million in won in the middle of April.

The Tax Service has conducted a review of the accounting records of the years from the 2014 to 2017 business years. Bithumb has paid the appropriate fees and taxes without objection. Although a very large tax amount was imposed, it does not mean that there was any implication of tax evasion from the exchange. No charges of tax evasion have been or will be pressed against the exchange at this time.
The Official,
National Tax Service, South Korea

Bithumb claimed about a net profit of 427.2KRW for the year 2017, a 171-fold rise from its benefit of 2.5 billion KRW in 2016. As reported, the audit started in January of this year, when the South Korean National Tax Service located several agents from its Seoul office at Bithumb’s headquarters. Within the next 3 months the officials collected data demanding the income that the exchange was gaining from trading commissions. The profits from virtual currency dividend was also recorded.

Bithumb has affirmed that they had not been reported about the results of the investigation prior to the public announcement; the National Tax Service made contradictory statements. TheNews.Asia in their report underlined that the smooth passage of the audit “highlights an increased trust and stability in the Korean cryptocurrency market.”

Bithumb to Launch Payment Service is Qoo10

Qoo10, also known as the “Asian Amazon”, is a giant of online commerce operating in Singapore, Hong Kong, China and Indonesia
08 November 2018   137

Bithumb reported that it had entered into an agreement with Qoo10 to create a service for paying for goods and services using cryptocurrencies. This is reported by Cointelegraph.

Qoo10, also known as the “Asian Amazon”, is a giant of online commerce operating in Singapore, Hong Kong, China and Indonesia. The press release also says that within the framework of cooperation, the Bithumb payment service will be expanded for use around the world.

The partnership with Qoo10 has made it possible for us to utilize the Bithumb cache beyond our home country and abroad for real life. We will continue to improve our services to improve customer convenience.
 

Bithumb

The companies signed a corresponding agreement back in August, after which they started working on settlement services as part of the Qoo10 service and the Bithumb Cache system. The Bithumb settlement service was introduced in the spring and allows exchange customers to exchange crypto assets and use them for payments.

Thanks to a new partnership, consumers will be able to buy Qoo10 products using the Bithumb Cache service.