Share this article
Crypto Exchange Operator Bithumb Investigated by South Korean Tax Authorities: Report
The former chairman of Bithumb Holdings, which operates a crypto exchange in the country, was recently acquitted of fraud charges.
Updated Jan 10, 2023, 4:34 p.m. Published Jan 10, 2023, 2:26 p.m.
South Korea's tax authorities are probing Bithumb Holdings, the parent company of a crypto exchange based in the country, Yonhap News reported on Tuesday.
The National Tax Service is reportedly investigating possible tax evasion via domestic and international transactions of Bithumb Korea, Bithumb Holdings and affiliates. An official at the company confirmed the investigation to CoinDesk Korea, but declined to share details.
STORY CONTINUES BELOW
This is the second time the crypto enterprise has been subject to a tax investigation in South Korea. In 2018, Bithumb Korea was slapped with a multi-million-dollar bill for back taxes, although the investigation found the company wasn't guilty of tax evasion.
Bithumb Holdings recently made headlines over a case against its former chairman, Lee Jung-Hoon, who was acquitted of charges that he committed $100 million in fraud.
South Korean prosecutors have also questioned Kang Jong-hyun, another former chairman at Bithumb, and his younger sister, Kang Ji-yeon over an embezzlement case involving related companies, Yonhap reported.
Read more: Former Bithumb Chairman Acquitted in $100M Fraud Case
Update (Jan. 10, 2023 15:21 UTC): Adds confirmation of the investigation as reported by CoinDesk Korea in the second paragraph.
More For You
What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
More For You
Citadel Securities and DeFi Waging War of Words Through SEC Correspondence
The investing giant had asked the U.S. Securities and Exchange Commission to treat DeFi players like regulated entities, and the DeFi crowd pushed back.
What to know:
- A feud conducted over U.S. Securities and Exchange Commission (SEC) correspondence has developed between Citadel Securities and the DeFi sector, arguing over whether DeFi protocols should be more regulated.
- The DeFi space is calling out the investment firm for its approach to the securities regulator.
Top Stories
