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Police, tax authorities raid South Korea's main cryptocurrency exchanges: Report

Thursday, 11 January 2018 2:38 AM [ Last Update: Thursday, 11 January 2018 2:38 AM ]

A close-up view of a Bitcoin ATM is pictured at the opening of the Ducatus cafe, a cashless cafe that accepts cryptocurrencies such as Bitcoin, in Singapore, December 21, 2017. (Photo by Reuters)

Police and tax agencies have raided South Korea's main cryptocurrency exchanges over alleged tax evasion, says a report.

According to a Reuters report published on Thursday, the South's Coinone and Bithumb cryptocurrency exchanges were raided by the police this week.

"A few officials from the National Tax Service raided our office this week," said an official from Coinone.

"Local police also have been investigating our company since last year, they think what we do is gambling," he added, noting that his company has offered full cooperation with the investigation.

An official from Bithumb also said that tax officials had entered his office on Wednesday, asking for them to disclose paperwork and other materials.

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The South Korean National Tax Service (NTS) has also announced that it has launched a full investigation into both exchanges' activities.

“The Seoul Regional Tax Office is investigating books and related materials including sales figures,” said South Korea's Yonhap news agency.

The crackdown on two of the South Korea's busiest cryptocurrency exchanges comes amid government attempts to calm frenzied demand for cryptocurrencies in the country.

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