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Photo courtesy of Yonhap News |
[Alpha Biz= Paul Lee] Dunamu, operator of South Korea’s largest cryptocurrency exchange Upbit, has been ordered to pay ₩22.63 billion (US$16.6 million) in back taxes following a probe by the Seoul Regional Tax Office.
According to a regulatory filing on August 17, the assessment was delivered on June 30 after a tax audit, with Dunamu confirming it has since paid the amount. The additional tax bill, which includes corporate taxes, represents about 23% of the company’s second-quarter net profit of ₩97.6 billion.
The audit was carried out by the International Transaction Investigation Bureau, a division that typically handles cases involving foreign companies and suspected offshore tax evasion.
Separately, Dunamu is also engaged in a legal battle with regulators. The Financial Intelligence Unit (FIU) recently ordered partial business suspension and executive disciplinary measures against the company, alleging violations of the Act on Reporting and Using Specified Financial Transaction Information (Special Act) for facilitating transactions with unregistered overseas virtual asset providers. Dunamu has filed a lawsuit seeking to overturn the sanctions, which are currently suspended pending court review.
Alphabiz Reporter Paul Lee(hoondork1977@alphabiz.co.kr)
