ViaBTC stops trading

Another Chinese cryptocurrency stops trading; Bitcoin continues to fall
15 September 2017   1835

Crypto-currency exchange ViaBTC announced the termination of work since September 30, 2017. This decision was made in the light of the statement of the People's Bank of China on the ban on the ICO and against the backdrop of numerous rumors that the activities of the exchanges will also be prohibited.

The mining pool and the cloud-mining service, as assured by the company, will continue to work.

The official statement of ViaBTC says that the site viabtc.com will be closed on September 30 in the territory of mainland China. Over the next two weeks, the exchange intends to complete the process of withdrawing funds to user addresses.

Trading operations, registration of new users and acceptance of deposits will be stopped as early as September 25, and on the last day of the month the site will be completely closed.

As noted in the message, since the opening of the exchange in June 2017, its customers have become more than 100k people worldwide.

Bitcoin chart

With all this China related news, Bitcoin continues its rapid fall. Lost almost 20% in 24 hours.

Top cryptocurrencies
Top cryptocurrencies

As you can see on the chart above, Bitcoin average price is $3118.27. Also, all top ten cryptocoins continues their fall too. Ethereum lost almost 20% too ($218.88); Litecoin lost more almost 30% ($42.32)!

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   124

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.