South Korea: Crypto Exchange Bithumb Is Officially ‘Clear’

After months of investigation (three to be exact), the South Korean government has found no evidence of any wrongdoing regarding the operation of the popular crypto exchange Bithumb.

The news came from a local media report yesterday, where Bithumb is proud to be officially ‘clear’ and continue its operations as the largest cryptocurrency exchange in Korea and the 7th largest in the world by its trade volume.

What started as a serious investigation on January 10, 2018 – is now over. Conducted by multiple government agencies such as the National Tax Service (NTS), Financial Services Commission (FSC) and Korea Financial Intelligence Unit (KFIU), the investigation was looking for faulty things regarding the crypto exchange Bithumb’s operation.

The South Korean government described this investigation as an intense and extensive one, mounting a search and seizure operation on its headquarters as well as taking all equipment and information in order to run a full audit on the exchange’s dealings.

Meanwhile, the crypto exchange Bithumb became the target of the investigation after showing a 171-fold increase in profits in a 12-month period. The North Korean government, on the other hand, was looking to ensure that the company had settled all taxes and disclosed their holdings, profits as well as losses.
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One official spokesperson for the NTS said that they had “initiated several investigations into Bithumb between 2014 and 2017, and over the past four years, Bithumb has continuously paid all of the taxes imposed to the company without any conflict with the NTS.”