Crypto firms airdrop tokens to support Vietnam typhoon victims

Binance will start sending tokens on Sept. 16, while KuCoin will start delivering their token donations on Sept. 18.

View Details

India tops global crypto use despite offshore exchange ban

India ranked first in Chainalysis 2024 Global Crypto Adoption Index, in addition to ranking second in the CSAO region in terms of crypto value received.

View Details

Coinbase, KuCoin, others file crypto license applications in Turkey

As the Turkish Capital Markets Board continues to update the list and companies work to meet regulatory requirements, the Turkish crypto market is poised for significant changes.

View Details

Coinbase, KuCoin Eye Turkey Crypto Licenses Amid Growth

Coinbase and KuCoin are among the significant cryptocurrency exchanges that have recently sought licenses to operate in Turkey,…

View Details

KuCoin's Visa Debit Card Adds Multi-Card Support

KuCoin's Visa debit card KuCard has added support formultiple virtual and physical cards starting July 1, 2024, the companyannounced today (Friday). This latest offering will enable users to managemultiple cards and access a cashback program.

Eying Flexibility in Personal Finance

KuCard promises enhanced financial flexibility forpersonal use, managing family expenses, or keeping separate cards for differentspending categories. This feature reportedly allows for enhanced budgeting,improved expense tracking, and easier access to funds. Additionally, users canaccess KuCard's crypto-to-fiat conversion and cashback rewards.

To mark this launch, KuCard has reportedly unveiled alimited-time offer ending on July 7, whereby users can apply for a secondvirtual card for free or a second physical card for EUR 9.99. This promotion isreportedly available on a first-come, first-served basis.

Launched in November 2023, KuCard is a Visa debit cardthat simplifies financial transactions by automatically convertingcryptocurrencies into local currency at the point of sale. The platformrecently introduced cashback programs offering up to 3% on purchases for allcardholders.

KuCard is compatible with Google Pay and Apple Pay andcan be used anywhere Visa is accepted. Initially available in the EuropeanEconomic Area (EEA), the card aims to promote the adoption of blockchaintechnology by enabling users to use their cryptocurrency for everydaypurchases, online shopping, and ATM withdrawals.

Other Developments at KuCoin

This latest development comes amid the cryptoexchanges new tax policy for its Nigerian users. A few days ago, KuCoinannounced that it would impose a 7.5% value-added tax (VAT) starting July 8 ontransaction fees for users with Know Your Customer (KYC) information registeredin Nigeria.

However, the crypto exchange clarified that the newtax policy only applies to the fee charged per transaction and not the overalltransaction amount. In February, KuCoin collaborated with Revolut on anew method for purchasing digital assets using euros. This collaborationenables users to acquire various cryptocurrencies listed on the cryptocurrencyexchange through Revolut Pay.

KuCoins partnership with Revolut seeks to simplifythe process of acquiring crypto for European users. Revolut Pay enables usersto convert euros to a variety of supported cryptocurrencies. This partnershipaddresses the growing demand for easy access to digital assets, especiallyamidst the ongoing surge in the value of Bitcoin.

View Details

KuCoin to Impose 7.5% Transaction Fee Tax in Nigeria amid Regulatory Uncertainty

The Nigerian crypto community faces uncertainty afterKuCoin, a prominent global cryptocurrency exchange, announced a new tax policy.Starting July 8, the cryptocurrency exchange will impose a 7.5% value-added tax (VAT) on transactionfees for users with Know Your Customer (KYC) information registered in Nigeria.

KuCoin Introduces VAT for Nigerian Users

In a post on X, KuCoin informed its Nigerian usersthat the new tax only applies to the fee charged per transaction and not theoverall transaction amount. For instance, buying 1,000 USDT worth of Bitcoinincurs a fee of 1 USDT (0.1%), and the VAT on this fee would be 0.075 USDT,making the net transaction amount 998.925 USDT.

KuCoin introduces 7.5% VAT on trading fees for Nigeria Users We are writing to inform you of an important regulatory update that impacts our users from Nigeria. Starting from July 8th, 2024, we will begin collecting a Value-Added Tax (VAT) at a rate of 7.5% on pic.twitter.com/Y6elL3RjFi

The source of approval for this VAT remains ambiguous,Cointelegraph reported. It is unclear whether the Nigerian government or anagency like the Federal Inland Revenue Service authorized this tax. The lackof clarity has left many in the Nigerian crypto community questioning thelegitimacy and implementation of the VAT.

Besides that, there is uncertainty about the approvingauthority, with concerns arising over KuCoin's ability to remit the VAT, giventhe Central Bank of Nigeria's restrictions on converting cryptocurrency to fiatcurrency. There is also uncertainty regarding whether the VAT applies solely topeer-to-peer trades involving the naira or all crypto transactions conducted onthe platform.

Seeking Clarification

As the July 8 implementation deadline for the new changesapproaches, KuCoin and Nigerian authorities are expected to provide anexplanation to avoid further confusion and potential disruptions in the market.

Early this year, KuCoin announced that it had joined its competitors, reporting an increase in its customer base to over 30 million and doubling its spot market volumes. The crypto exchange reported that it had experienced a 16% increase in its number of users, reaching nearly 31 million users globally. In the same period, the company posted a 106% boost in spot trading volume, highlighting strong user engagement.

View Details

Transactions Fees on KuCoin to Incur 7.5% VAT for Nigerian Users

View Details

KuCoin to enforce 7.5% VAT on Nigerian trades amid regulatory changes

Crypto exchange KuCoin said it would start collecting a 7.5% value-added tax on trading fees from its Nigerian users on July 8. According to a July 3 statement, the firm said: “Starting from July 8th, 2024, we will begin collecting a Value-Added Tax (VAT) at a rate of 7.5%  on transaction fees in each trade […]

The post KuCoin to enforce 7.5% VAT on Nigerian trades amid regulatory changes appeared first on CryptoSlate.

View Details

KuCoin VAT charge raises concerns among Nigerian crypto community

The approving authority behind this taxation remains unclear, whether its the Nigerian government or an agency like the Federal Inland Revenue Service (FIRS).

View Details

KuCoin Introduces 7.5% Tax on Fees for Nigerian Users

KuCoins announcement comes roughly four months after the Nigerian government filed tax evasion charges against Binance.

View Details

Crypto Investments Hit $1 Billion in May With Ethereum Dominating: KuCoin

Ethereum, EVM chains, and layer-2 (L2) network projects remained popular among institutional investors in recent investments.

View Details

May crypto investments hit $1B driven by Notcoin launch KuCoin

KuCoin Research believes that the low float, high FDV trend in crypto led investors to other options like Notcoin, which had all its tokens circulating during launch.

View Details

Heres Why KuCoin Lost 77% of Its Bitcoin Reserves in Less Than 2 Years

The BTC reduction came after the introduction of mandatory KYC checks.

View Details

Why is Bitcoin stagnated despite $2B in spot ETF inflows?

Reasons for BTC's weakness include Mt. Gox coin movements, regulatory actions, and the U.S. Senate's anti-crypto lobby.

View Details

KuCoin CEO Announces Reentry into South Korea After Securing Key Markets

As the CEO of KuCoin discusses South Korea’s plans for compliance challenges at Token2049, the cryptocurrency community is buzzing with excitement. South Korea has long been a key player in the crypto market, but regulatory changes have been causing uncertainty among investors and businesses alike. During a panel at Token2049, Johnny Lyu, CEO of KuCoin, [...]

View Details

Crypto exchanges Binance and KuCoin secure registration with Indias FIU

Binance and KuCoin has obtain FIU-IND approval, marking a milestone in Indian crypto regulation. KuCoin pays $41,000 penalty as Binance awaits fine determination amid compliance proceedings. The return of the exchanges to India signals the growing acceptance of cryptocurrencies in India’s regulatory framework. In a significant development for the cryptocurrency industry In India, two major […]

The post Crypto exchanges Binance and KuCoin secure registration with India’s FIU appeared first on CoinJournal.

View Details

Binance obtains FIU approval for India return

Besides Binance and KuCoin, several other platforms received the regulatory notice in December last year followed by a ban in January this year.

View Details

KuCoin Commits $2 Billion to Trust Project to Boost Transparency and Innovation in Crypto

View Details

Nigeria denies freezing over 300 P2P accounts on more crypto exchanges amid forex concerns

Nigerian authorities are gearing up for the next phase of their crackdown on crypto trading, targeting peer-to-peer (P2P) platforms like OKX, Binance, KuCoin, and Bybit, according to a trending circular on social media platform X. Meanwhile, the Central Bank of Nigeria (CBN) said the information contained in the circular did not originate from it, claiming […]

The post Nigeria denies freezing over 300 P2P accounts on more crypto exchanges amid forex concerns appeared first on CryptoSlate.

View Details

Uncertainty Surrounds KuCoins Settlement with CFTC Following Trump Administration Policy Change

The status of the KuCoin case remains uncertain following a shift in the CFTC’s cryptocurrency policy. The recent pivot by the Commodity Futures Trading Commission has raised concerns about the future of the legal proceedings against KuCoin. With the regulatory landscape constantly evolving, stakeholders are closely monitoring any changes that may impact the outcome of [...]

The post Uncertainty Surrounds KuCoins Settlement with CFTC Following Trump Administration Policy Change appeared first on Crypto Breaking News.

View Details