The future fate of Nigerian crypto users of one of the leading exchanges, KuCoin, might be hanging by a thread following the distasteful news that users would be charged VAT fee from July 8 2024.
In what appears to be another quick successive blow in few months interval since the exchange outrightly banned P2P trading for Nigerian users, traders from the region will now have to expend 7.5% VAT of transaction fees in each trade.
It’s no secret that traders’ exchange of choice play vital roles in determining their profits, this imposition in addition to the earlier is bound to cause users to seek options that’d let them maximize their profits.
Amidst the uncertainty few months ago, exchanges like Bitget offered a valid option for affected P2P traders in the region and should be ready to welcome another set of grumpy users who’d end up convinced not just by their tax-free policy but by their all-round services; including air-tight security, quality early listings, earning events, reliable CS, and so on.
If the new VAT imposition worries you, you should be ready to explore the opportunity to switch to a new CEX. Good riddance perhaps?