Korea’s Tax Agency to Withhold $70M From Crypto Exchange Bithumb
South Korea's National Tax Service will withhold tax worth $70 million from the country's largest crypto exchange Bithumb.
Local officials are said to have raided Bithumb's offices for the second time in a week as part of a fraud investigation.
Crypto exchange Bithumb has reportedly been seized by police in Seoul on allegations that its chairman engaged in investment fraud.
The move may mean the investigation is beginning to intensify.
The Bithumb exchange is tapping investigative tools offered by Chainalysis just a week after South Korea voted for tough new laws around the space.
The South Korea-based exchange is fighting a move by the country's tax authority to withhold over $69 million in tax on foreign cryptocurrency transactions.