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.
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.
Binance has made its first direct investment in a South Korean startup as part of a deal to launch a support center in the country.
Officials from the Ministry of Economy and Finance's income tax office have reportedly been reviewing the proposal.
A South Korean crypto YouTuber has been assaulted at his home, soon after threats to his company's staff from investors.
Financial institutions should be allowed to launch cryptocurrency products, such as derivatives, according to a government advisory body.