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   672

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 Lay Off 50% of Staff

Main reasons are economic and trading volumes fall, compared to 2018
19 March 2019   138

The largest South Korean cryptocurrency exchange Bithumb has confirmed to CoinDesk its intention to lay off 50% of employees. Thus, the updated staff of the company will be 150 people.

Representatives of the site explained that firstly the company will be left by employees who have decided to resign on their own. Bithumb will provide them with assistance in finding a new job.

Economic reasons and the trading volumes fall compared to 2018 also affected the decision. At the same time Bithumb stressed that, as necessary, the exchange will continue to hire employees in various departments.

Earlier in March, plans to reduce staff was reported by the development team of the Dash Core Group. 8% of employees left the company, including a strategic director and director of business development.