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   973

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 List TRX & BTT

New assets will be available for trading since September 3
02 September 2019   192

The South Korean bitcoin exchange Bithumb added a TRON cryptocurrency project coin to the listing, as well as a BitTorrent service token. Now platform users can trade TRX in pairs with bitcoin and the US dollar.

TRX and BTT will be available for trading since September 3.

As for BTT, the coin will be traded in pairs with the US dollar and USDT.

Last month the first version of the Sun Network code base was released, which includes DAppChain - a side chain created for “unlimited scaling” of the main network.

As previously reported, TRON plans to begin optimizing the SUN Network protocol to simplify its interaction with previously integrated network modules.