After a three-month long investigation, the government of South Korea finds no evidence of wrongdoing at the Bithumb crypto exchange, local media report June 8.

Bithumb is currently the largest cryptocurrency in Korea and the seventh largest in the world by trade volume, according to data from Coinmarketcap.

According to reports, the investigation into the exchange began on January 10 and was carried out by multiple government agencies, including the National Tax Service (NTS), Financial Services Commission (FSC) and Korea Financial Intelligence Unit (KFIU).

The government  described the investigation as intense and profound, mounted a search and seizure operation on the exchange’s headquarters, taking computer files, devices and information required in order to run a full audit of the exchange’s dealings.

While the government found no evidence of illegal activities, tax dodge or suspicious business practices, Bithumb was ordered to pay 30 billion $28 mln in taxes.

Bithumb became the target of investigation after showing a 171-fold increase in profits in a 12-month period. The NTS was looking to make sure that the company had settled all taxes and properly disclosed their holdings, profits and losses.

Source:

https://cointelegraph.com/news/south-korean-crypto-exchange-bithumb-cleared-by-government