Ukraine probes local crypto exchanges for tax dodging
The Economic Security Bureau of Ukraine is conducting a pretrial investigation against local crypto trading platforms suspected of tax avoidance. Ukraine’s Economic Security Bureau (ESB) is investigating local crypto exchanges after the bureau found that non-regulated exchanges operating in the country cost over $80 million in lost taxes. In an interview with Forbes Ukraine, ESB head Andriy Pashchuk said the investigation is being conducted only against trading platforms whose beneficiary is a citizen of Ukraine. He revealed that analysts at ESB are using data services like Chainalysis and Crystal Blockchain to trace all crypto operations. “Currently, the bureau is conducting a pretrial investigation against entities that are participants of the [local] cryptocurrency market.” Andriy Pashchuk, Ukraine’s ESB head Besides on-chain data, ESB also relies on OSINT insights to estimate the total crypto turnover in digital wallets on Ukrainian crypto exchanges...