Official announcement from KuCoin or verified user reports

KuCoin Imposes 7.5% VAT on Nigerian Users' Transaction Fees Starting July 8

Jul 3, 2024, 02:27 PM

KuCoin has announced that starting July 8, Nigerian users will be required to pay a 7.5% value-added tax (VAT) on their transaction fees. This decision follows the suspension of KuCoin’s peer-to-peer (P2P) service for Nigerian users in May. The remittance process for the VAT remains unclear, particularly since Nigerian banks do not cooperate with unlicensed crypto companies and the SEC has not licensed any such entities. There is confusion among users about how the tax will be implemented, given the current regulatory environment.