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Bithumb Cryptocurrency Exchange Goes to Court Over $69M Tax Bill

Published 01/16/2020, 05:26 AM
Updated 01/16/2020, 07:02 AM
Bithumb Cryptocurrency Exchange Goes to Court Over $69M Tax Bill

Major South Korean cryptocurrency exchange Bithumb has decided to litigate a near $69 million (80 billion won) tax bill levied by the National Tax Service (NTS).

According to a report published by The Korea Times on Jan. 16, Bithumb filed a complaint with the NTS, suggesting that the imposed tax bill is groundless given that cryptocurrency is not a legally recognized currency. The South Korean tax tribunal now has to decide whether to grant or dismiss the exchange’s motion within 90 days.

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