“We are writing to inform you of an important regulatory update that impacts our users from the Republic of Nigeria. “Starting from July 8th, 2024, we will begin collecting a Value-Added Tax at a rate of 7.5 percent on transaction fees in each trade for users whose KYC information is registered in Nigeria.” According to official data, cryptocurrency transaction volume is $59 billion yearly.
Meanwhile, Ray Youssef, director of NoOnes, a cryptocurrency platform said peer-to-peer business is worth $500 billion. In February 2024, the Governor of the Central Bank of Nigeria, Olayemi Cardoso raised the alarm that a suspicious $26 billion was funneled through Binance without a trace. https://dailypost.
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