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Bitcoin Mining Firm Bitmain Reportedly Fined for Tax Violations in China

Chinese cryptocurrency mining firm Bitmain has been fined approximately $3.7 million by the Beijing Municipal Office of the State Administration of Taxation for violating tax regulations. The company allegedly failed to pay personal income taxes for its employees in accordance with China's laws on administration of tax collection. The tax authority had already delivered a notice on certain tax violations to Bitmain in August 2022. Bitmain is one of the world's largest cryptocurrency mining companies, but it was reportedly forced to stop its business in China in response to a blanket ban on crypto imposed by the Chinese government in September 2021.

(By HELEN PARTZ)

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