Kucoin's New VAT: My Thoughts and What's Next for Nigerian Traders

[Macjaja64]

I want to share my two cents about the latest developments from Kucoin. As many of you know, Kucoin is imposing a 7.5% VAT on transaction fees for Nigerian users starting July 8th, 2024. This comes after they already banned P2P trading for us.

Frankly, this feels like a significant disadvantage for Nigerian users. The added VAT is going to make trading more expensive and less accessible for many of us. It's frustrating to see these changes, especially when we already face so many hurdles in the crypto space.

On a brighter note, Bitget has been showing impressive growth and commitment to user safety. It's now a top-tier exchange according to CoinMarketCap, ranking in the top 12 for overall trading volume and in the top 4 for derivatives trading volume globally. Bitget's focus on security and user experience might offer a more favorable trading environment for us.

What do you all think? How are you planning to navigate these new challenges? Let's talk about it and find ways to keep our trading strong despite these setbacks.

[Ebuka]

Kucoin's VAT move is a total bummer for Nigerians! It's like they're making it harder for us to get in on the crypto action. But hey, Bitget's got our backs! They're killing the game with their security and user love. Let's huddle up and figure out how to make the most of this situation. 

[CryptoHarmony]

I don't know why KuCoin did this, knowing fully the consequences that would follow, but they did anyway. Well, Bitget is the perfect alternative for me. I already moved my funds there. With all the events going on, who wouldn't?

[Aurora..]

If this is true, my guess is the govt made them implement this rule. so long for thinking the govt can’t tax crypto! 
the govt can do anything they want and ngl that sucks! Anyways, it’s a good thing we have the likes of Bitget. Our safe net for now.