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Bithumb

Police summon Bithumb chairman for questioning over alleged fraud

The drama over alleged fraud involving Bithumb’s senior executives continues as the company’s chairman has reportedly been summoned for interrogation.The Seoul Metropolitan Police Agency is purportedly seeking to question Lee Jung-hoon, chairman of board at Bithumb Korea and Bithumb Holdings, according to a Sept. 18 report by South Korea’s state-run news agency Yonhap.As reported, Lee is allegedly accused of multiple fraud and embezzlement offenses regarding the failed listing of the BXA token. The...

Bithumb Partners With Chainalysis Amid Tightening Korean Regulations

On March 10, major South Korean cryptocurrency exchange Bithumb announced it has partnered with crypto forensics firm Chainanylsis following the passing of new Korean crypto regulations.Bithumb will employ Chainalysis’s “Reactor” investigations tool to examine suspicious activity on its platform in a bid to comply with Korea’s recently amended Special Financial Transactions Information Act.South Korean crypto exchanges must comply with new regulations by 2021Certain provisions in the act will take 12 months to...

Bithumb Taps Chainalysis for FATF-Grade Crypto Investigation Tool

Cryptocurrency exchange Bithumb is clamping down on suspicious transactions less than a week after South Korea, its home country, moved to enact tough new laws for the virtual asset space.Bithumb announced Tuesday it had deployed Chainalysis’ “Reactor” investigations tool to get ahead of illicit activity. Reactor, used in many cryptocurrency law enforcement actions, will help the exchange’s compliance officers police their network, according to a press release.The announcement follows the South Korean National...

Bithumb to Get Wall Street-Level Fintech Expertise via New Partnership

As not a day goes by without another cryptocurrency partnership, one of the biggest crypto exchanges in South Korea has begun new cooperation.Major South Korean cryptocurrency exchange Bithumb has partnered with Singaporean crypto trading platform BitMax to jointly develop new services and products.BitMax’s staff includes former experts from Morgan Stanley, Deutsche Bank and GeminiAccording to a Feb. 17 blog post by Bithumb Official, the two companies have signed a Memorandum of Understanding...

Bithumb Exchange Fighting Back Against ‘Groundless’ $69M Tax Bill

South Korea-based exchange Bithumb is fighting a move by the country's tax authority to withhold over $69 million in tax on foreign cryptocurrency transactions.Confirmed by the company in December, National Tax Service (NTS) based its demand on the rate for miscellaneous income. The tax is calculated at an annualized rate of 22 percent, and in this case was based on the amount of foreign withdrawals from Bithumb.A withholding tax is paid by the...

Bithumb May Pour Over $8M Into South Korea’s Regulation-Free Zone

Bithumb, one of the world’s largest cryptocurrency exchanges, could invest more than $8 million into South Korea’s regulatory sandbox. Via its daughter company GCX Alliance, Bithumb has shown intent to put 10 billion won ($8 million) into South Korea’s “regulatory free zone” in Busan, according to reporting from Seoul on Jan. 9. Regulation-free zoneSouth Korea’s second-largest city, Busan, has been the subject of prior headlines for its status as a deregulated outpost and for...

Major South Korean Crypto Exchange Bithumb Launches R&D Center

South Korean cryptocurrency exchange Bithumb has established its own research and development (R&D) center.According to an announcement on Jan. 6, the initiative makes Bithumb the first company with a blockchain and cryptocurrency research center in South Korea. Bithumb expressed high hopes for the research center’s impact on the company:“Bithumb will become a leading company in the blockchain and cryptocurrency ecosystem by strengthening its own R&D capabilities.”The center’s purposeThe new R&D center is...

Korea’s Tax Agency to Withhold $70M From Crypto Exchange Bithumb

South Korea's National Tax Service (NTS) will withhold tax worth 80.3 billion won, or $70 million, from the country's largest crypto exchange Bithumb.CoinDesk Korea reported on Sunday that Vidente, the largest shareholder of Bithumb Holdings, which runs Bithumb Korea, confirmed the withheld amount in a notice and said the tax will be imposed on its foreign customers. This is the first time that the country's taxation agency has imposed tax on gains from...

Bithumb Crypto Exchange Reportedly Considers Litigating $68.9M Tax Bill

Major South Korean cryptocurrency exchange Bithumb is reportedly looking to undertake administrative litigation over an $68.9 million (80 billion won) tax bill.English-language local news outlet KoreaHerald reported on Dec. 29 that the local tax agency has handed down over 80 billion won in taxation on the exchange.A first occurrence of its kind in South KoreaThe outlet notes that according to documents published by Bithumb’s largest shareholder Vidente via the financial supervisory services,...

Binance Denies Police Raid, Bitcoin Wipeout, Facebook ‘Stupid’: Hodler’s Digest, Nov. 18–24

Coming every Sunday, Hodler’s Digest will help you track every single important news story that happened this week. The best (and worst) quotes, adoption and regulation highlights, leading coins, predictions and much more — a week on Cointelegraph in one link.Top Stories This WeekBinance and Bithumb deny reports of Chinese police raidsHeads were turned this week when reports suggested that Binance and Bithumb, two major crypto exchanges, have closed their offices in...
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