SEOUL, August 17 (AJP) - South Korea’s largest cryptocurrency exchange operator, Dunamu, has paid more than 22 billion won, or about $165 million, in back taxes after authorities accused the company of tax evasion — adding to the regulatory pressures already weighing on the firm.
Dunamu, which runs the Upbit trading platform, disclosed that the Seoul Regional Tax Office levied 22.6 billion won in corporate and related taxes following an audit.
The investigation, led by the office’s International Transaction Bureau, began in February, and the penalty notice was issued on June 30. The company has since paid the full amount.
The sum represents about 23 percent of Dunamu’s second-quarter net profit of 97.6 billion won.
The tax penalty comes as Dunamu is also fighting sanctions from financial regulators. In February, the Financial Intelligence Unit ordered the company to suspend part of its operations for three months, issued a reprimand to its chief executive, Lee Seok-woo, and sanctioned nine employees.
The FIU accused Dunamu of facilitating nearly 45,000 crypto transactions with 19 unregistered overseas virtual asset operators that had failed to comply with mandatory reporting requirements under South Korea’s anti–money laundering law. Regulators also said the company had violated obligations related to customer verification and transaction restrictions.
Dunamu has challenged the measures in court, which has temporarily suspended enforcement of the sanctions while the case proceeds.
reporter
Candice Kim
candicekim1121@ajupress.com
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