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Korea Tax Authority Investigates Flybit Exchange Operator

Korea Tax Authority Investigates Flybit Exchange Operator
  • South Korean tax authority has conducted a special tax investigation on Flybit exchange operator Korea Digital Exchange.
  • On January 26, the said agency sent 5 investigators to Korea Digital Exchange’s headquarters in Gangnam-gu, Seoul.
  • The NTS conducts these special investigations if an entity’s transaction exhibits some discrepancy. Also, this happens if the entity is suspected of tax evasion.

South Korea’s National Tax Service (NTS) is reportedly conducting a special tax investigation on Korea Digital Exchange, the operator of Flybit exchange. According to the source, the said tax authority has started the audit on grounds of possible tax evasion.

The investigation began on January 26, as the Korean agency sent 5 investigators to the Korea Digital Exchange headquarters in Gangnam-gu, Seoul. Specifically, the officials requested Korea Digital Excountry’s top change to provide them tax data from 2017 to 2019.

This type of investigation happens when the NTS detects that an entity’s transaction differs and exhibits some irregularity. Worse comes to worst, the NTS would perform this if it suspects a possible tax evasion case.

This is not the first time that a South Korean government entity probed into a cryptocurrency exchange. In fact, Bithumb, the country’s top cryptocurrency exchange, suffered a series of raids last year. However, the crackdown was related to an entirely different matter.

These events show that in South Korea alone, the government is becoming more involved with crypto firms. More and more countries are also tightening their regulations and proceed with crackdowns if it ever comes to that.

Jesus is the Senior Editor of CoinQuora. He's been following the crypto space since 2016, and may possibly do so indefinitely. He covers various blockchain-based developments and crypto market trends.