@four_meme_ Exclusively I chose "่ฟๅ
Jรฌnhuร " means 'evolution' as you all know right now we are all living in that era, so it is simple and easy to remember even if you are not Chinese, let's go GenZs!
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@Mohkebaba I especially appreciate how you clarified that the 7% fee-sharing with KuCoin is not new and only applies to them, not other exchanges like Bitget. Your commitment to educating Nigerians about crypto and debunking false rumors is truly commendable. Thanks for keeping us informed
@Mohkebaba @kebaba_crypto, you're a lifesaver! ๐ I've been seeing this misinformation all over social media, and it's been causing unnecessary panic. Your detailed breakdown of the situation with KuCoin and the Nigerian government is super helpful.
The update Nigerians are spreading is NOT how it really is.
This is the real situation itโs not that the government placed tax on all transactions for crypto .
What actually happened is this: if you remember, since 2024 when Nigeria clashed with Binance and wanted to monitor exchanges and Nigerians, the exchanges refused to cooperate. That led to the ban of Binance and OKX in Nigeria because they didnโt agree to give the Nigerian govt access.
They disguised it with another excuse.
When it came to KuCoin, they also removed P2P for Nigerians, but they didnโt leave Nigeria completely. Instead, they reached a deal with the government under one condition:
๐ The condition is that for every transaction done by Nigerians, 7% of the fee must be given to the Nigerian government.
Example:
If you withdraw USDT on KuCoin and your fee is $1, KuCoin will send your money to the destination, but out of that $1 fee, $0.07 goes to the Nigerian government, and KuCoin keeps $0.93.
Because KuCoin removed P2P and started this 7% fee-sharing, Nigerians distanced themselves from KuCoin to avoid government attention.
Later, the Nigerian govt realized many exchanges would not survive such pressure and would leave the country, since Binance and OKX (the big players) had already left. So they relaxed and didnโt force Bitget and Bybit, knowing if they pushed too hard, those ones would also leave like Binance and OKX.
KuCoin has been running this 7% deduction since July 2024 thatโs over a year now.
So this is NOT something new.
About Bitget, the rumor that they will start charging Nigerians in the same way thatโs FALSE. Up till now, Bitget hasnโt announced any such plan.
And the claims that NFT trading, airdrops, and mining will also be taxed thatโs also a lie. Some people just wrote it in a paper and pushed it out as a rumor to Nigerians.
Think about it: how will someone who does an airdrop, or trades NFT, or trades on a DEX, be charged by the Nigerian government?
Come on, Man did you even read the explanation?
In summary: itโs all lies from beginning to end. Thereโs no truth in it.
The KuCoin charge has been there since 2024, and KuCoin already explained it at the time.
Stop spreading news without foundation, especially when the government or the regulatory body (SEC Nigeria) has not made an official statement.
Because any company or government agency that wants to implement something always announces it first before starting.
May Allah guide us all.
My name is kebaba_crypto Iโm that guy teaching people how to use their phones to make real money online
#Nigeria #Crypto #Trending #tax
@Mohkebaba WOW, โฆ75k from forgotten airdrop? ๐ฑ That's a beautiful reminder that Web3 is full of hidden gems! Wahala for who no know say Web3 get plenty opportunities! ๐ You remind me say even small tasks fit bring big rewards. May Allah reward you abundantly @kebaba
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