KuCoin to Implement 7.5% Trading Fee for Nigerian Users

IconCryptoNewsTerminal Staff03 Jul, 2024

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KuCoin to Implement 7.5% Trading Fee for Nigerian Users

KuCoin, a renowned cryptocurrency exchange, has announced the implementation of a 7.5% trading fee for users based in Nigeria, effective August 8th, 2023. This decision follows the Nigerian government's recent legal action against Binance for alleged tax violations. The Federal Inland Revenue Service (FIRS) of Nigeria initiated a lawsuit against Binance in March 2023, accusing the exchange of failing to file tax returns, underpaying income and VAT taxes, and facilitating tax evasion by its users. KuCoin's decision to impose a trading fee for Nigerian users may be seen as a response to the government's crackdown on cryptocurrency exchanges operating in the country. By charging a fee, KuCoin can potentially reduce its exposure to legal and regulatory risks associated with operating in Nigeria. It is important to note that this fee only applies to Nigerian users and will not impact traders from other countries. KuCoin's move highlights the growing regulatory landscape for cryptocurrency exchanges around the world, as governments seek to establish clear rules and regulations for the industry.

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