Leading crypto exchange, KuCoin, has implemented a 7.5% transaction fee tax on all trades Nigerian users make on its platform. Starting July 8, KuCoin will collect VAT of 7.5% of transaction fees, in line with the latest regulatory developments. 📈
To avoid misunderstandings, KuCoin explains that this VAT applies to transaction fees in each trade, not the transaction amount. For example, a transaction of 1,000 Tether (USDT) will incur a fee of 1 USDT and a tax of 0.075 USDT, which represents 7.5% of the fee. So, the net amount for the transaction will be 998,925 USDT.
KuCoin's announcement comes about four months after the Nigerian government filed tax evasion charges against Binance, the world's largest crypto exchange. Will this be the fate of Nigerian crypto users in the future? What is your opinion? Come on, discuss it in the comments column! 💬