Topic: Kucoin exchange to start paying Value-Added Tax to Nigeria government (Read 604 times)

Kucoin was the First after Binance to exit the Nigeria market place by delisting Naira from the cryptocurrency excahge, the move spike alot of crisis in the cryptocurrency space within Nigeria, wo that matter pain many of us and now no body send they Papa again, because they can't be trusted, unlike some of the Campion in the market both the local excahges and bybits who stood by us all through the crisis by providing p2p service to the general cryptocurrency public.
Those excahges are our hero's and even if kucoin should pay the promised taxes and resume the p2p service, no much Nigerians will pay attention to them any more, since we can't say that the war against cryptocurrency is over yet, and this is just the beginning, and hard it been, it was kucoin that the government demands traders data's  from the way the government demanded for users information from binance, kucoin will have sold out the users right obviously.
So the News of kucoin being the First cryptocurrency excahges to introduce taxation on trading and remitting to the government, doesn't send any positive vibes in the cryptocurrency community.

Whether the government decides to use the taxation for good or not doesn't matter to traders and the kucoin exchange itself, because in the long run, kucoin as an exchange has done its part in securing its place in the Nigerian market and any other exchange will have to fall in line anyways just to remain in business because i think we have one of the biggest crypto markets in the world and when we consider payments options for overseas transactions, the taxation is way better than using traditional banking systems.

Our government de always put di cart before di horse, dat na why dem no de do anything at di right time. Dis crypto tax matter na wetin dem for don do since wey we don de expect dem to regulate di crypto sector for di country. Anyway beta late dan never, as dem don wake up lastly to do di right thing I support di move so dat we wey de inside go rest for dis crypto restrictions matter.

Anoda matter of concern na weda dem go use di taxation from cryptocurrency to better di economy because our government officials no get good reputation about our public funds. Hopefully di full implementation of taxes on exchanges go make dem comot di restrictions on naira p2p for dis reputable exchanges.

Has any customers being taxed yet? The memo from KuCoin clearly stated that the VAR tax would  commence from 8th July and it's been over 3 weeks now and no single VAT tax has been deducted from my transactions - I've deposited and withdrawn more than $2k on KuCoin since the implementation of VAR tax and no single tax has been placed on any of my transactions yet.



Anyone experiencing the same thing?...

Really bybit? Hmm or am I missing something here ? Is this not the same bybit that has a lot of crazy ass vendors that tend to set their price rate so high in the P2P trade option and yet the system allows such and also again there are vendors are mostly offline well that's atleast from my own perspective. I really don't think I can class bybit exchange as MVP that's ofcourse if there was something like that.

The steps wey kucoin take na very nice one and ee dey recommended to see other exchange make dem sef look into am do as kucoin do . Ee don tay wey naija government don dey show interest to dey collect tex from exchange companies wey dey operate inside naija, As kucoin don take this decision to take VAT (value added Tax) ee show say dem and and naija government don agree to put heads together consine de matter, dem ready to comply with naija tax law.

Kucoin say every transaction for example every 1000 USDT 0.1% go deduct for transaction and 0.75% go deduct for and go for VAT ee go com remain 998.9% for the owner.

I agree with you again. If there was a crypto exchange award, it will easily go to Bybit. They are the real MVPs. And yes, I would have no qualms if I get an email from them informing me of their decision to adopt the VAT. And just a personal opinion, it will disloyal if anyone who switched to Bybit when Kucoin stopped serving Nigerians to leave them and return to Kucoin.

Thank you Igebotz for your response.

If Bybit decided to adopt the VAT tax for Nigerians, I don't think any Nigerian would object as long as the Naira p2p trading marketplace remains open for business. I use Bybit, and I don't mind if they start charging us for VAT fees.

They stood by us when other exchanges abandoned us, and the VAT tax percentage isn't too high because it's charged based on transaction fees rather than transaction amounts. So, if you withdraw USDT for a $1 fee, you'll be charged based on that fees, so you'll end up spending less than $2 on each transaction.

You are the only one that has answered the question that I had in my which is - Now that they have introduced VAT on every transaction, does it now mean that the bank on crypto trading with banks have been lifted? If not it is just stupid and I agree that we should all boycott KuCoin.

My question, if you or anyone can answer it is, as someone who switched to ByBit when these exchanges decided to delist the Naira pair from their platform, how will this affect ByBit. Are they going to now start charging the VAT on every crypto transaction or will they continue the way they have been? And if they don't do you think the government will come for them?

Thank you.

Isn't a bad thing to tax Nigerians involved in trading cryptocurrency, in fact, this should have long happened if we truly have a working system of government in place and not to have tried to hurt participants in trading Bitcoin and other cryptos to the extent that some got their accounts banned and money quizzed as result of government's effort to hurt crypto enthusiasts in the country and finally coming at the end to do what is required. However, isn't just about taxing us, but the question is: Would the money that they will be generating from the tax they made from crypto transactions be used in the right place, and basically alleviate the suffering in our country? Without it still ending up in the pockets of our their politicians.

If at all no be lie you talk, the thing just dey surprise me sef as dem be the first exchange to implement this and I dey feel say dem know how big and the benefits wey dem been dey get from the Nigerian market but just as you talk your mind now about boycotting kucoin e for make sense say everyone get same mentality but the issue be say no be everybody and many will use it ASAP maybe due how dem been dey enjoy their kucoin service but if na only so far as other exchanges like birtmat, bitget and many more are still active and don't follow the VAT fee I don't see any possible reason for me using kucoin back.

E depends sha because the way wey the governments dey go no be so dem supposed go. If they fight the manipulators in the right manners na everybody go benefit and e go show for the price of commodity from the market but because the way wey dem dey fight dem no be the right way and the marketers dem know na na why we no dey see the impact for the price of things. If na you and you know say you fit wake up tomorrow and dollars dun dey go back where e been dey, you go gree bring down the price of your goods when after you sell finish, you fit no dey see money take buy new one. The Naira isn't appreciating in the way is should that would reflect on the economy so all this one wey tinubu dey do na wash.

Tinubu go use taxation finish us, I been know say one government wey go tax and welcome crypto say na Tinubu. All that man knows is about taxing but make we no dey look this value added tax as a bad thing but a good publicity for crypto adoption because as more exchanges dey accept am na so them fit use this chance dey increase their business for the country and bring adoption for all. No how government dey benefits from the tax go come still dey attack crypto but na still that P2P wey them go still dey fight until dem get better way to strengthen the Naira which is just making the economy of the country better but dey no wan do am.

The memo was sent to all Cex exchanges offering Naira p2p trading and only few of the with higher volume complied, Bybit and the rest didn't bend to their demand.


Tax is good, but if the Naira trading pairs isn't coming back most exchanges will not comply, you can't be asking for tax on other crypto assets while kicking your own currency pairs out of the market. There would be a lot of money from tax to subsidize the Naira if they legalize crypto trading and allow naira p2p marketplace on all exchanges.

I hope that everybody that was actively gunning for regulation of crypto in Nigeria will embrace this latest development. What most people don't know is that as time goes on, the value added tax charged will get bumped up and become higher and higher. Now that crypto is getting taxed, is it safe to say that P2P markets will come back and that law enforcement agencies like Police and EFCC  will finally let anyone trading or indulging in crypto at peace? Except that is one of the many benefits we get to ensure, then I hope that it was worth it.

Another key point I took note is that the tax is charged whether or not the trade you took was profitable or not. You just get charged the tax regardless of the outcome of that trade. Interesting.

I still believe everything will balance out and a better structure will be made for crypto adoption in future even with banks making dollars accessible via cards.

Several exchanges with their mode of operation, I guess this is how Kucoin knows to handle the situation to keep running but we still have the likes of Bitget offering this same service for free so it makes me think if there isn't any Nigerian policy maker working in Kucoin, because for others to be going well shows something doesn't add up.

The Nigerian government and the popular crypto exchange KuCoin seems like they’ve decided to come to an agreement. This is what other exchanges in other countries are doing. The government will not temper or penalize you for doing business in their country if you’re paying your tax promptly. I feel things are now becoming more clearer that the Nigerian government was never after those exchanges because they’re the speculators of Naira/Dollar but chasing them so that they can be registered and pay their tax promptly. This is a good development though, at least we can now use those exchanges without a fear of accounts getting blocked or scared of the government for penalizing those using it. With this, I think in no time, the p2p option in the exchange will be back for Nigerians again. I prefer using a reliable exchange for such transactions.

I don't understand why the happiness when you are being extorted for just trading in cryptocurrency without the local p2p. To me I see this new update as a means to make money from Nigerians without giving them the service which is needed the most. The last time I checked Kucoin, no Naira yet so what is the big deal about the VAT.

I will not use Kucoin again for anything until Naira p2p is available. I will prefer to use exchanges that allows p2p trade on Naira or a reputable exchange that does not collect VAT like Binance. Shebi una say other exchanges too go delist Naira p2p trading with time but we are still using it and nothi g has changed. Kucoin service is very expensive and they are like the Nigeria government that loves money and only care about themselves. The 7.5% is small but I don't see any need of it and I think Kucoin is doing it to their favor and not to the favor of their customers.

Well, I already know that, the issues between the government and these exchanges that banned Nigeria from their exchanges was just misunderstanding and I’m glad that they’re now getting things right and a 7% tax isn’t a bad one since we already know that the government is a corrupt and messed up one.
I think other exchanges should take snake steps with KuCoin so they can get back to market since this whole issue with government and exchanges actually affected the Nigeria cryptocurrency market which was directly felt by the Nigeria crypto enthusiasts and frankly it wasn’t a good one.

I hope everything gets back to normal sooner than expected .

You have rightly said, to be honest I personally have waiting for a time like this because I have always know, that is only reason they stopped the p2p trading in Nigeria just to generate funds but I believe is for their selfish reason and personal interest, just like what you said let us see what will be there next move on this, the slated date is already fast approaching.

Do you know what that means? They're splitting up their fees (which is obviously they profit) to settle the government, just to give Nigerians an upperhand. For the best part, it was never a beef; the government just decided to look into CEXs and they daily transactions. That only made them realize how much they can get if they have them under their control. There and then, censorship was the best form of attack just to get their own cut.
Kucoin just decide to do wetin most centralized exchanges no wan do; likes of binance and the rest. Those ones don evaluate wella until them realize say patronage from other part of the world fit still cover up wetin them dey make from Nigerians, that na why them no even send our government.

I think the Nigeria government have come to their senses and they must have carried out
some investigations and have realize that p2p transactions cannot be stopped in Nigeria and the war on crypto clampdown is unnecessary.

The regulatory board have got it right this time for  thinking positive about how cryptocurrency can help to improve the Nigeria economy through value added taxes and i also want to thank the  kukcoin management teams for cooperating with the govt and for reaching a good logical conclusion,this is a welcome development to all crypto enthusiastic as I believe with time crypto Currency  will be accepted as legal tender in the country.

Baba wetin you cap make a lot of sense but no forget say KuCoin no get power to fight Nigerian government. So I no go too blame them for delisting Naira immediately because na government give the order.

I support say make everyone boycott KuCoin because the government no go dey put sand for the garri wey we dey fry and still want make we arrange garri for them to chop. But this idea go make sense if we get other alternative. Make you no surprise say the government go begin fight any exchange wey decide say them no go collect tax for them.

This is a very good information. I just wished other exchanges that delisted NGN p2p should adopt this idea, especially Binance so that everything we be settled once and for all. I already said that this was just the idea of the Nigerian government. Since they have heard several information about how these exchanges are gaining from the Nigerian citizens without any share getting to their hands they want to find a way so that everyone will pay tax including the crypto traders, investors, and miners in Nigeria.

Everyone should boycott KuCoin - They didn't hesitate to delist Naira pairs and Naira p2p marketplace when the CBN ordered them to and now they're the first exchange to implement VAT tax on Nigerians transactions. If our Govemment are still hunting crypto traders at home, they do not deserve our tax. They must legalize crypto trading with banks at home before demanding our tax.

You can't be hunting us, hunting our bank and still demand tax on what you hate us do. If you're still using KuCoin you're risking your personal Data and privacy.

If it was taxes they wanted all these while, why didn't the Nigerian government say this before they started the witch hunting of crypto traders and exchanges and creating tension all over the places. With this their moves it's now obvious that the Nigerian government lied when they said billions of Naira were laundered through Binance. They just made up this stories just to attract attention. Why then did they arrest the Binance officials who came for negotiation with them in the first place. Sometimes I wonder how this government thinks. A responsible government would have just asked the exchanges that they want to tax their users from the country and see if the exchanges would refuse. They didn't do that instead they created panic everywhere. Now it's obvious to them that crypto currencies trading is not the problem to Nigeria economy, hence their move to start taxing traders. It's a welcome development provided we will trade in peace.

As I see this update, I just laugh because I know the country I come from, because las las I know say the major reason why our government dy fight cryptocurrency and most of this exchange na because of say, them feel say e no dy help the economy in any way, so their initial intention na to start to dy collect tax from most of this exchange hand, but them no know how to use come out clean and tell all the exchange say na tax wey Dem want, but as kucoin don man up and come forward first, na very good thing.

 When  I believe say all this wahala start, na  when our government hear say binance make up to 25billion dollar in the Nigerian market, na that one make our government start their own wahala, because then no been think say them dy make that much, but as e don be like this, them believe say them surpose get their share inside, but on a sincere note, Dem  surpose don dy pay tax since, but the high level of incompetence in government offices, nai make e waste time like this, but any how, thank God say this issues don dy resolved.

The government for talk say na tax dem dey target wen them dey attack all the exchanges. Before dem say na exchanges dey make our money dey lose value but if you look the matta closely you go see now say dem just intimidate these exchanges so that dem go collect tax from dem. With this latest move, I believe say other exchanges wey Dem don blacklist go return because eh clear now say na tax Dem one collect.
This government just dey find all means to collect money from us. Very soon dem go introduce tax wey of you want enjoy with your wife for bed you go pay tax before you start. The worst part bi say the tax sef no dey even affect the life of the common man. Things still the rise and suffer full everywhere.

Nigeria market na very big one and the profit wey dem dey realize here dey very high. So dem go accept any terms wey the government give them after all no bi dem go pay the tax na customers go pay am. I think say Kucoin go ensure say dem dey very accountable to the government because if Nigerian government find out any wuruwuru, dem fit nak dem better sanction wey fit include fine or ban. The news still dey sketchy, maybe as days dey go we go get the main koko about the new tax policy.

Does this in anyway mean that they will be returning NGN to their p2p transactions? What exactly is the implication of this because many things are not still clear about this development. You cannot just wake up and start collecting tax on crypto when you are still cracking down on Nigerians using crypto and even sanctioning banks like Opay for allowing transaction in cryptocurrency. This to me is like confusion on the side of the Nigerian government and I'm surprised that Kucoin is accepting this from the Nigerian government even when they are not registered in Nigeria.

Another issue of concern is in the transparency. How will Nigerian government know if what Kucoin is declaring is actually the correct amount they would have collected from Nigerians? Is there any way for them to verify because Kucoin does not have office in Nigeria neither are they registered as a business here. Finally, if I deposit my money in Kucoin and transfer same to another exchange, will they charge me the 7.5% VAT?

This news coining at this time is a good news for some reasons, and it’s another thing to think of.
If the federal government can demand for tsk from centralized exchanges like KuCoin, it means that the federal government have less say about cryptocurrencies ban since they allowed it to the extent that they are requesting for tax payment from the exchange. The good news is that, we can see p2p trade back so that we will easily access the p2pnsevive.

On the other hand, can’t this be another red flag on Centralized exchanges because we are not safe since they can have our privacy out to the federal government if the need comes?
I know they will not leak the information but it is risky to trust centralized exchanges.

Lastly, can this be a chance for people whose accounts has been flagged for crypto related transactions to get their account back?
If yes, then the Federal government of Nigeria will letter legalize Bitcoin in my opinion

Since the government has agreed to the 7%, I expect more than only p2p will return to the exchanges. However, I checked the app also and they have not added the NGN back to p2p, but I think we may expect more. I agree with you that the government should ban any vendor from manipulating price just for their financial gain. It seems Kucoin works very hard to make sure that their Nigerian users are happy. But I'm hoping this is not a setup. They should not join mouths with our country and provide information of those that make trading. Because our government fit do am.

But wait o, even if our government bans those who manipulate price, what should be the gain? We don't have the same Nigeria anymore, our government fought against the price of the dollar, and it fell to #1100. Nothing changed in society, the price of the dollar remained the same around #1400, but the price of food increased. I hope that this percentage of a thing is for the better.

This is what they should have done for long instead of trying to shut down cryptocurrency in the country i believe this step will lead to more great moves and probably may lead to restoring back p2p trades on those major exchanges. It good that government and the exchange have come to consensus and at least i am happy government have finally taken a step forward which could change their mind about cryptocurrency.

You have a point about the corruption and money laundering that take place in most of these exchanges but i believe there are ways the exchange will be able to identify such fraud.

I already knew right from the start that all the so called display by the government is just to attract or I say extort some good fortunes from these exchanges, nothing more than this because I believe they can never shot down the P2P service for too long. Once the new system begins with Kucoin then definitely it will go round to as many more exchanges currently in use.

All these while nothing has changed in the economy, a dollar currently exchanged for 1,500 Naira nothing fascinating about their so called measures to keep the economy fit even with the taxes to be paid, I still don't yet except something positive to happen.

With this kind of moves going round, it's obvious Kucoin still want to engage the Nigerian market again by lifting the suspension on P2P trade. At first it was looking like they don't care about the outcome of the P2P suspension they made on Nigeria, I think they've taken time to understudy the losses they have encountered given the fact that a lot of kucoin Nigerian users have migrated to the next exchange that will give them the best of service they want, Nigeria is big Cryptocurrency market in Africa, at least the best they can come up with is to liaise with the government of the day to find a common ground so that their business can strive.

It is very good that KuCoin has decided to cooperate with the government, this is also what the Nigeria government wants, they want where they are going to be generating money from, I have said from the beginning that the reason why the government wants to stop those cryptocurrencies activities in Nigeria is that they want to start generating money from each cryptocurrency exchanges and KuCoin has decided to cooperate with them, it will be very good if the remaining exchanges also follow the same steps that KuCoin follow and negotiate with Nigeria government so that they will have their customers back.

As Nigeria will be generating tax from some exchanges, what do we think the government will be doing with the tax? From my understanding and the country that I know is Nigeria, the money will be squandered by the government, no one will ever know what the money is used for and the money is supposed to be used for a project that will progress the country and also help the people of the country but due to corruption in the country we will never hear from them when they collect the money.

So in essence the original reason or battle in which they actually fought over the P2P trade being a source to increase of the naira is just a mirage because if there is possiblity that kucoin will allow P2P trade again then the Nigerian actually don't know what's their problem and I won't be surprised because even from the onset and till date that they have continually blocked P2P trade on major exchange the Nigerian naira still fail to appreciate over the dollar instead it continues it decline and showing that the step they took to approach the whole naira depreciation things is just a shift of blame to these exchanges being the cause.

One would be right to say the policy of this present government is concerning taxation alone, they careless about the affairs of the citizens, when they saw they were not benefiting from these exchanges they decided to shut them down to frustrate citizens who carry out transactions with them.

 However, now that most exchanges are now coming in agreement to terms that would favour them, they're now considering lifting the ban, it's not as if those money they'll realise from the tax they'll generate from Kucoin that would be indirectly paid by citizens would be used for the betterment of the nation but instead looted and shared amongst themselves as usual.

 Well, it's a good news to have those exchanges back, Kucoin was one of the top exchanges in Nigeria before the ban and I patronised their P2P services back then, I'll love to hear that exchanges like Binance and OKX get back as well.

I don't think so, we can not just use because of tax enforced by government on NGN Cex P2P, and generalize the whole cryptocurrency becoming not favourable. As we all know that this tax works only for Nigeria centralized P2P exchange, but may not work for everyone in this country or outside the country, because different people have there ways to trade their coin, so they can bypass this tax. And Morover I don't think Nigeria government would benefit this tax forever, this is just temporary because Dex exchange has not been discovered where people would trade there coin effectively without the use of kyc, because the kyc Cex is using is the reason behind why government is holding firmly on tax. Tax is not one of the porpos of cryptocurrency or blockchain technology but now government want to deprive us of the sovereignty and liberty of blockchain technology by making people pay tax fee per exchange. Though the percentage may be small but with time I believe government will not have that right or opportunity to tax it's citizens through NGN Cex P2P. when Dex non kyc will be out, cryptocurrency will still maintain one of its advantages of being totally dicentralize, where no entity will have the right to directly or indirectly extort money from cryptocurrency transaction. Because if this pattern of government continues, Cex may be currupt by this greedy politician and begin to extort above the initial percentage agreed.

 Just saw this on X app this is how it going to been calculated now every transaction been made (7.5% will be used for the so called tax payment)

 Lol I thought the so called government where against the crypto world and now they still want the exchange to pay them for every transaction well good luck with them.  
This Nigerian government matter tire me self ohh I just pray say this tax of a tinx no affect other exchange too.

But on a second through e be like say our government don dey put head for cryptocurrencies matter ohh this one wey them dey collect taxes, na him be say if the government start collect tax crypto don resume back to it place be that ohh.

I also see this as a good development for everyone of us (the government, the exchanges and the trader). The Nigerian government is after money and in this way, they will be able to generate the money they are after. The steps they earlier took to fight crypto will never be fruitful, negotiations like this will give all parties involved a fair ground.

However, I will still advice our people to keep learning about this technology called crypto because this probably might not be favorable in the long run due to excess charges that would characterize the system. If these eventually happen, DEX will be our only option where majority of us are not familiar with. In summary, it’s a good move and we will probably expect p2p service to be restored in kucoin while expecting other exchanges to follow suit.

That won't be an obstacle if the government want to steal good money. They have been doing it with fiat before so I don't see any thing change if they finally let cryptocurrency exchanges in the country. I think I ones asked similar questions a long time ago about Nigeria government using cryptocurrency to steal. But then you will know by now that most of these top politicians who are exposed knows more about cryptocurrency than we do. And it would not be shocking to hear that some of them have been converting cash to coins using exchanges but out there on screen, they claim to want to regulate them.

I could remember your posts that the only way out of this mess of banning exchanges from operating in the county was to tax them, now we are here, where we were supposed to be. I don’t have any issue with the amount as at now because it will only be a greedy or less concerned citizen that will complain about the percentage, but my only complaint is, before going ahead with this new development the government needs to address the legality of traders, one cannot be paying for this so called tax and still be disguising when trading. There should be a directive to banks about it been legal.

After this I think those who still have their accounts worth millions of naira frozen due to this kind of bans should open up a petition for its return. We cannot simply pay tax and then still be under severe restrictions. Overall it is a big step up if you ask me, the amount people lose on all this local exchanges is by far more than this percentage. The government should even make it incentive for the exchange to even prioritize having an head office here in Nigeria.


Yes you are right about people using crypto for money laundering, but I tell you this the government were just blabbering about it the last time just because they wanted reasons to ban it. This is a KYCed platform and outrageous amount movement can easily be dictated and frozen by the exchange you know. Centralized exchanges are even the easiest way to catch money laundering in cryptocurrency, so it won’t me a major problem if you ask me.

My major concern is the hope the tax valuation or say percentage wouldn’t be increased later to an unrealistic amount because of there is anything this government knows how to do it is increasing rates

But if you ask me  C-T  I will say in the first place, it is not in the place of kucoin or any other exchanges to make the first move for regulation and tax, it was a thing expected of the government to do but they failed in their role anyway. Nevertheless, I commend kucoin for their professionalism in making such move with the Nigeria government in order to see to the use of Naira in their platform because with the level of crypto adoption amongst Nigerians, Nigeria is a huge market for crypto in Africa and kucoin understand what they stand to continue losing if they don't take the move themselves so as to bring back p2p for Nigerian traders in their platform which the ban on their platform has led to Nigerians looking elsewhere. I think it's a win-win situation for both parties.

If its going to be done in the right way I will be very happy to see it happening because finally our minds will all settle down, government is very powerful and have unlimited power to do anything, I think finding a resolution on this issue is good at least all the three parties should be happy, the three parties are, government, exchange and we the citizens. When this start I will have confidence of transacting with free of mine without any fear.

My fear is that we Nigeria are very smart, this agreement shouldn't give room for money laundering especially our politicians I know must of them don't know how to use it but there are smart people among them, but what calmed my mind is that every transaction is traceable and it will easily be track down.

For sure Nigeria governments are supposed to make this kind of decision but making it after a long period or shorting down for some time before they could conclude on this is my big issue.

it's an example of incompetence because they let the people suffer first before they make a decision but in other case they deliberate on such decisions without affecting the people first, then once it's concluded they put it out. anyways, at least we are only going to pay extra fees to make transactions which is better and if it happens across all exchanges (CEXs) it will bring up a competition that might lower the added tax amount.

For instance if binance as a bigger and wider exchange decides to take 6.5% of tax charge using Kucoin as example, they might want to lower their fees too for more patronage and that will be a good experience.

I'm a little bit impressed.

Do not mind those news that brought it out that government demanded for $10 billion from Binance but did not bring the second news that Onanuga clarifud what he meant. BBC interviewed Bayo Onanuga, the special adviser on information and strategy to President Bola Tinubu when he said it but he later knew what was circulating and later said BBC misinterpreted him that he meant government may fine Binance and not that government has fined Binance.

I think it is because of the percentage they agreed to come back again. I also just received the email from my inbox but if you are making the transaction from Kucoin to another exchange and using TON network, I think think that percentage also applied for it and also it is not also apply for internal transactions but it is only when you are trading with it.
Either buying or selling. Well it is a good move and I think Binance and OKX will also do the same and come back again. This is good news but they gave to monitor their vendors so that they will not manipulate the price of dollar and instead.of keeping it in the normal price of $1 = #1479 and not to #1800 amd any vendor thT manipulate the price should be bad instantly. And I just checked the app they have not added the NGN sign back to the payment method.

Hopefully... because the way I see those corrupt officials is just like fraudsters not even professional because  they make it open since they are covered by  their stupid immunity. This was their major intentions right from the start they just actually looked for a perfect  timing and now that they are getting what they want  let's see their next move

This is a good initiative, another thing I`m concern is from the fact that these regulators might in the want more percentage from the task before they agree to it since it obvious they`re just greedy especially how they wanted $10 billion from Binance. Though this will make our dense regulators see that these exchanges are ready to pay taxes.

I think Kucoin made this move because those regulators have always been acting like they do not know what they are doing. I expected all well known exchanges to have been driven towards this path in a way Nigerian government can generate tax from cryptocurrencies. I really like to see this happening. But let us hope corruption will not prevail in a way that they will generate more taxes but the economy becoming poorer.

About a month a go, I reported that Kucoin suspended P2P market in Nigeria due to the regulatory compliance and it seems there is negotiation to stay in Nigeria market. They made an announcement to start paying value added tax to the Nigerian government.

The value-added tax (7% tax) will be deducted from the trading fee Kucoin will be charging every trade you make on the exchange, perhaps this is going to make the government allow p2p platforms to strive once again since the tax is coming from the fee already paid to the exchange and not the traders. I hope this ease the beef between the government and the crypto market.