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South Korean Tax Agency Carries Out Irregular Audit on Crypto Exchange Operator

The team of investigators requested past data and transaction details from Korea Digital Exchange.

Jan 26, 2021 at 11:56 a.m. UTC
Updated Sep 14, 2021 at 11:01 a.m. UTC

South Korea’s National Tax Service has conducted a special audit of Korea Digital Exchange, which operates the local cryptocurrency exchange Flybit.

  • On Tuesday, the tax service, managed under the nation's Ministry of Economy and Finance, sent a team of five to the firm's offices in Gangnam, Seoul, to investigate and audit the exchange, according to a report by CoinDesk Korea.
  • The investigators requested data and transaction details from 2017 to 2019.
  • According to CoinDesk Korea, the National Tax Service may conduct such special investigations if it spots anomalies between actual transaction data and reported data, or if it suspects tax evasion.
  • In April, the Korea Digital Exchange renamed its crypto trading platform from Dexko to Flybit.
  • Similar special tax audits were carried out at the Bithumb and Coinone exchanges in 2018, which resulted in hefty tax bill for Bithumb

DISCLOSURE

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.

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