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Crime and Investigations

Bitmain Faces Major Fines for Tax Infringements in China

Bitmain Faces Major Fines for Tax Infringements in China

According to recent reports, Bitmain, a cryptocurrency mining company based in Beijing, China, has been fined for violating tax regulations.

On April 11, the Beijing Municipal Office of the State Administration of Taxation imposed a tax penalty of approximately 25 million Chinese yuan ($3.7 million) on Bitmain Technologies.

The penalty was for failing to pay personal income taxes, including taxes on employee salaries, bonuses, labor dividends, and allowances, in compliance with China’s tax collection laws.

Bitmain was notified of the tax violations in August 2022 but has failed to pay the personal income tax, amounting to 16.6 million yuan ($2.4 million) to date. Bitmain is one of the world’s leading cryptocurrency mining firms, known for producing mining-specific hardware and solutions.

READ MORE: Reducing Europe’s Reliance on the US Dollar: Macron’s Warning Amidst Geopolitical Shifts

In response to China’s blanket ban on cryptocurrencies in September 2021, Bitmain reportedly ceased operations in China in October 2021.

Despite the regulatory ambiguity and the bear market, the company’s latest Antminer device sold out in less than a minute in December 2022.

After leaving Bitmain in 2021, founder Jihan Wu founded Bitdeer, a new cryptocurrency mining company, and Bitmain spin-off.

Alexander Stefanov

Reporter at CoinsPress

Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.

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