KuCoin to start collecting 7.5% tax on crypto transactions in Nigeria

[target]

The sad part that title says "kucoin" but the reality is that its the government that asks for it and thats teh important difference. Kucoin is not doing anything, its not their doing, they are just following the law and they have nothing else to do about this situation. I think its quite normal that we are going to end up with some sort of different situation for a while and we could probably see a lot of people who will blame kucoin for this like they did it. If you have any anger towards this situation, which I can't because I am not from there but if you are Nigerian living in Nigeria and have any anger towards this situation, redirect your anger towards your government and not Kucoin because they did nothing about this at all, they are not the responsible one about this situation.

I think because Kucoin will also protect the Nigerian government from what the people will think of them. But its always understood they are regulated by the government where they operate. Obviously they are forced to collect tax.

This makes them the partner of the Nigerian government, it will not be surprising to see other exchanges has this kind of contract to exchanges. Or not because they could be collecting more tax fees if it were Binance.

[Stompix]

I'm still on the fence here, sure if you do one big transaction then maybe you can save some money. But it says that it is per transaction, and I doubt that every Nigerian can trade with worth of $1000 USDT as their example.
So for me it's big and it might affected those small traders from Nigeria. But I guess Kucoin is just complying with the law and so they don't have a choice but to put this is effect immediately.

If you trade $100 the trade fee is still 0.1%, that's 10 cents. The 7.5% tax will be 0.75 cents so not even a full cent.
Are you telling me you can't afford that while trading?

7.5% is indeed too much that its going to be subtracted EVERY transaction this is the worse  agreement between their government and the exchange. Is the transaction they mean here a withdrawal transaction?

7.5% of 0.1% is 0.0075%!
Every time the market moves in the opposite way 1% you lose 140 times more than this tax!

[ABCbits]

The sad part that title says "kucoin" but the reality is that its the government that asks for it and thats teh important difference. Kucoin is not doing anything, its not their doing, they are just following the law and they have nothing else to do about this situation.

Just in case, the title written by the news author and i simply copied it without any modification.

I'm still on the fence here, sure if you do one big transaction then maybe you can save some money. But it says that it is per transaction, and I doubt that every Nigerian can trade with worth of $1000 USDT as their example.
So for me it's big and it might affected those small traders from Nigeria. But I guess Kucoin is just complying with the law and so they don't have a choice but to put this is effect immediately.

If you trade $100 the trade fee is still 0.1%, that's 10 cents. The 7.5% tax will be 0.75 cents so not even a full cent.
Are you telling me you can't afford that while trading?

I think it means they didn't read the complete news and @Charles-Tim reply.