South Korean bitcoin-exchange clients to be probed for tax evasion

Authorities in the South Korean city of Cheongju have asked seven cryptocurrency exchanges, including Upbit and Bithumb, for information on 8,520 clients suspected of tax evasion. local media report this.

Assets of the offenders found on their balance sheets will be seized for the state.

In July, the government of South Korea launched a unit to combat cryptocurrency crimes, including tax evasion, unauthorized transfers and money laundering.

Since January 2024, FCS will require firms to disclose holdings of digital assets on their balance sheets.