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- Bithumb has been in the crosshair of The South Korean National Tax Agency since 2018.<\/strong><\/li>\n
- Reports suggest that the \u201cspecial tax investigation\u201d will also look into tax evasion by the apparent owner of Bithumb, Kang Jong Hyun.<\/strong><\/li>\n
- The crypto market has recovered nearly $60 billion in losses in the last ten days bringing the market cap to $814 billion.<\/strong><\/li>\n<\/ul>\n
Bithumb is among the topmost cryptocurrency<\/a> exchanges in the world conducting, observing higher net flows than Crypto.com. While on the one hand, the exchange is growing in terms of transaction volume, on the other hand, the exchange is noting more investigations at the hands of South Korean regulatory authorities.<\/p>\n
Bithumb faces South Korean regulators<\/strong><\/h2>\n
Bithumb, based out of South Korea, is currently facing an investigation by the country\u2019s National Tax Service. The regulatory authority is heading a \u201cspecial tax investigation,\u201d which included conducting a raid at the exchange\u2019s headquarters in the capital city of Seoul. Per local reports, the investigation being conducted against Bithumb is unlike regular tax inspections due to previous instances.<\/p>\n
Back in 2018, the National Tax Service conducted another special investigation against Bithumb Korea and estimated the income tax to be 80 billion won ($64.39 million). This time around, the regulatory authority is set to examine the domestic and foreign transactions of Bithumb Korea, Bithumb Holdings and other related entities to verify if there has been an instance of tax evasion.<\/p>\n
The agency is also speculated to conduct an investigation against Kang Jong Hyun. Hyun has been speculated to be the owner of Bithumb, who is said to be the biggest stakeholder in the company.<\/p>\n
Crypto market in recovery<\/strong><\/h3>\n
Attempts at recovery for the last two months have failed as the FTX collapse-induced contagion brought the crypto market\u2019s value below $750 billion. Some recovery noted in the month of December 2022 was invalidated soon after.<\/p>\n
- Reports suggest that the \u201cspecial tax investigation\u201d will also look into tax evasion by the apparent owner of Bithumb, Kang Jong Hyun.<\/strong><\/li>\n
![\"Total](\"https:\/\/editorial.fxstreet.com\/miscelaneous\/t6jPDiFo-638089778845882613.png\")
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