Bitman Technologies, a Bitcoin (BTC) mining company based in Beijing, China, has reportedly been fined 25 million yuan ($3.6 million) by local tax authorities. Local press briefing SinaFinance reported Tuesday that the fine was imposed by the Municipal Taxation Bureau of the Beijing State Administration of Taxation.
According to the outlet, mining company BTC has withheld a total of 16.6 million yuan ($2.4 million) in personal income tax to be paid on affiliate travel and other benefits from its employees. The outlet attributed the details to Qichacha, a Chinese platform that offers data on private and public companies in the country.
Besides, SinaFinance
report that in August 2022, the company was put on notice to pay the said sum. However, he did not pay the sum, according to the report. Bitmain has yet to release an official comment on the development as of press time.
Bitmain was founded in 2013 by co-founders Micree Zhan and Jihan Wu. In addition to operating BTC.com and Antpool, which are two mining pools for BTC, the company is also one of the leading Bitcoin mining hardware manufacturers. .
In recent years, the company has had problems with its manufacturing operations in China due to government crackdowns on cryptocurrency mining. In October 2021, the company announced that it will stop the supply from its Antminer to mainland China (excluding Hong Kong and Taiwan) from the 11th of this month.
Months earlier, i.e. in June 2021, the manufacturer halted global sales and delivery of its machines as part of the government crackdown on crypto mining. Besides, finance tycoons reported that in November of that year, Chinese authorities warned state-owned companies against trading in crypto mining and threatened to impose punitive measures on companies that violate its rules.
However, whether China will relax its tough stance against cryptocurrency in light of new crypto regulations in Hong Kong remains unanswered.
Bitcoin Breaks $30,000; Crypto ECN from Cypator; read today’s news nuggets.
Bitman Technologies, a Bitcoin (BTC) mining company based in Beijing, China, has reportedly been fined 25 million yuan ($3.6 million) by local tax authorities. Local press briefing SinaFinance reported Tuesday that the fine was imposed by the Municipal Taxation Bureau of the Beijing State Administration of Taxation.
According to the outlet, mining company BTC has withheld a total of 16.6 million yuan ($2.4 million) in personal income tax to be paid on affiliate travel and other benefits from its employees. The outlet attributed the details to Qichacha, a Chinese platform that offers data on private and public companies in the country.
Besides, SinaFinance
report that in August 2022, the company was put on notice to pay the said sum. However, he did not pay the sum, according to the report. Bitmain has yet to release an official comment on the development as of press time.
Bitmain was founded in 2013 by co-founders Micree Zhan and Jihan Wu. In addition to operating BTC.com and Antpool, which are two mining pools for BTC, the company is also one of the leading Bitcoin mining hardware manufacturers. .
In recent years, the company has had problems with its manufacturing operations in China due to government crackdowns on cryptocurrency mining. In October 2021, the company announced that it will stop the supply from its Antminer to mainland China (excluding Hong Kong and Taiwan) from the 11th of this month.
Months earlier, i.e. in June 2021, the manufacturer halted global sales and delivery of its machines as part of the government crackdown on crypto mining. Besides, finance tycoons reported that in November of that year, Chinese authorities warned state-owned companies against trading in crypto mining and threatened to impose punitive measures on companies that violate its rules.
However, whether China will relax its tough stance against cryptocurrency in light of new crypto regulations in Hong Kong remains unanswered.
Bitcoin Breaks $30,000; Crypto ECN from Cypator; read today’s news nuggets.