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Policy

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.

By Tanzeel Akhtar
AccessTimeIconJan 26, 2021 at 11:56 a.m. UTC
Updated Sep 14, 2021 at 11:01 a.m. UTC
Seoul
Seoul

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. 

Read more: South Korea’s Dunamu Launches Bitcoin ‘Fear and Greed’ Index to Guide Traders

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CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.