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<div class="cryptonews"> 
 <p class="is-style-lead">The Economic Security Bureau of Ukraine is conducting a pretrial investigation against local crypto trading platforms suspected of tax avoidance.</p> 
 <p>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.</p> 
 <p>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 <a rel="dofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a> operations.</p> 
 <blockquote class="wp-block-quote"> 
  <p>“Currently, the bureau is conducting a pretrial investigation against entities that are participants of the [local] cryptocurrency market.”</p> <cite>Andriy Pashchuk, Ukraine’s ESB head</cite>
 </blockquote> 
 <p>Besides on-chain data, ESB also relies on OSINT insights to estimate the total <a rel="dofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a> turnover in digital wallets on Ukrainian <a rel="dofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a> <a rel="dofollow" title="exchanges" href="https://thebittimes.com/tag/exchanges.html">exchanges</a>. Pashchuk declined to detail at what stage the pretrial investigation is at.</p> 
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 <p>In August 2023, ESB issued an official statement. It said Ukrainian <a rel="dofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a> <a rel="dofollow" title="exchanges" href="https://thebittimes.com/tag/exchanges.html">exchanges</a> amassed $445 million in trading fees over the past ten years. As per the bureau’s calculations, domestic trades with Bitcoin (BTC), Ethereum (ETH), and Tether (USDT) amounted to a total volume of more than $55 billion from 2013 to 2023,</p> 
 <p>The bureau believes that unregulated activity of cryptocurrency exchanges in Ukraine cost the country’s budget around 3 billion Ukrainian hryvnia (around $81.2 million as of press time). However, ESB accused no particular exchange of any wrongdoing so far.</p> 
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<p>Source: <a rel="dofollow" target="_blank" href="https://thebittimes.com/ukraine-probes-local-crypto-exchanges-for-tax-dodging-tbt62594.html">https://thebittimes.com/ukraine-probes-local-crypto-exchanges-for-tax-dodging-tbt62594.html</a></p>

Ukraine probes local crypto exchanges for tax dodging

TheBitTimes

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