Dunamu Faces Significant Tax Imposition

In a recent development, Dunamu, the company behind the popular virtual asset exchange Upbit, has been slapped with an additional tax bill exceeding 20 billion won by the tax authorities.

Details of the Tax Audit

Financial industry sources revealed on August 17 that the Seoul Regional Tax Office's International Transaction Investigation Bureau conducted a tax audit on Dunamu starting in February. The audit concluded with the imposition of 22.635 billion won in additional corporate taxes and other levies, which Dunamu has already paid.

Impact on Dunamu's Finances

This hefty tax bill represents approximately 23% of Dunamu's net profit for the second quarter, which stood at around 97.6 billion won.

Ongoing Legal Battles

Aside from the tax issues, Dunamu is also entangled in legal disputes with financial regulators. The Korea Financial Intelligence Unit (FIU) earlier this year imposed sanctions on the company, including a three-month partial business suspension and disciplinary actions against several employees, citing violations of the Special Financial Transactions Act.

Looking Ahead

Dunamu has taken legal action to challenge the FIU's sanctions, with the execution of these sanctions currently on hold.