Koinex Exchange Launches 23 Trading Pairs with Zero Fees

Indian cryptocurrency exchange has launched crypto-to-crypto trading, offering 23 trading pairs with zero fees
30 April 2018   880

Indian exchange Koinex announced last week that it is delighted to announce the commencement of crypto-to-crypto trading on its platform, elaborating that the company is going live with not just one or two crypto-crypto pairs but with a total of 15 token pairs. This is the largest crypto-crypto pair offering by any Indian exchange and to add to this, the trading fees will be zero.

The exchange then announced on Saturday the addition of 8 more crypto-to-crypto trading pairs, set to go live on Saturday night.

Koinex currently has 19 coins listed for trading against the Indian rupee. According to Coinmarketcap its 24-hour trading volume for all cryptocurrencies is approximately $5.9 million. For crypto-to-crypto trading, there are nine bitcoin trading pairs, six ether, and eight ripple –a total of 23. Bitcoin and ether trading pairs are already live and ripple pairs are set to go live on Saturday night, the exchange clarified.

The tokens available in the bitcoin market will be ethereum (ETH/BTC), litecoin (LTC/BTC), TRON (TRX/BTC), ripple (XRP/BTC), omisego (OMG/BTC), bitcoin cash (BCH/BTC), EOS (EOS/BTC), nucleus vision (NCASH/BTC), and request (REQ/BTC).

 

Koinex statement

For the ether market, in addition to BTC, the exchange is offering trading pairs for BCH, TRX, XRP, OMG, EOS, and NCASH. For the ripple market, customers can trade BTC as well as LTC, TRX, EOS, OMG, REQ, NCASH, AE (aeternity), and GNT (golem).

Bithumb Filed Appeal Against Korean Tax Office

Looks like the korean exchange doesn't really want to pay an additional tax worth $67 000 000
16 January 2020   122

The South Korean cryptocurrency exchange Bithumb has filed a complaint against the National Tax Service (NTS) because of the requirement to pay additional taxes for the transactions of its foreign customers.

The company claims that cryptocurrencies do not have an official status in the territory of South Korea, which is why the authorities cannot have sufficient reasons to levy any taxes.

The tax court will have to decide within 90 days whether to retain or withdraw from Bithumb the obligation to pay the $ 69.1 million tax that was assigned to it by NTS in November. The Office declares that the withdrawal of income from accounts in Korean won by foreign residents is a taxable event. It is assumed that the exchange itself had to withhold tax from its foreign customers.

We paid the full amount and have since been preparing for arguments. We believe we will be given a chance to clarify our stance in court.

 

Bithumb

 The ministry has its own position on this issue.

Bitcoin under the current law is not an asset. It is clear and simple. The Ministry of Economy and Finance already made that clear. The NTS pushing ahead with the tax imposition is baseless and groundless, especially since it is still awaiting the ministry opinion on the same matter it sought again.

 

Choi Hwoa-in

Adviser to Financial Supervisory Service

According to the expert, the NTS maneuver is well thought out and aimed at starting to levy a tax on income that is currently not taxable.

We cannot comment on the ongoing matter. We will await the judgment from the Tax Tribunal.

 

NTS

Earlier, Bithumb was ordered to pay an additional $ 67 million in tax.