EddieJayonCrypto
23 Aug 24
The Seoul High Court Administration Department 1-3 ruled in favor of Bithumb, a Korean crypto exchange, canceling 130 million won ($97,141) in corporate tax charges from a 2019 lawsuit. The court's ruling indicated that Bithumb was not in violation of laws, offering relief to the exchange. The lawsu...
Bithumb, a Korean crypto exchange, has emerged victorious in a corporate tax lawsuit, with the Seoul High Court cancelling 130 million won ($97,141) in tax charges. The court ruled in favor of Bithumb, stating that the exchange was not in violation of laws, providing relief amidst regulatory uncertainty for crypto exchanges worldwide.
The lawsuit, dating back to 2019, involved accusations of illegal inventory evaluation process changes and overreporting profits. However, the recent ruling acknowledged the absence of apt regulations at the time of Bithumb's business model changes, deeming the valuation method appropriate and not in violation.
This legal win holds significance for Bithumb and the broader crypto industry, offering a reprieve amidst ongoing regulatory challenges. The exchange continues to face legal battles, including the XENT lawsuit, as regulatory scrutiny tightens.