Indian crypto exchange Bitbns has announced that it now allows users to trade futures in Shiba Inu (SHIB), Dogecoin (DOGE) and XRP.
It also offers trading via Tether (USDT) margined perpetual swaps in a slew of other cryptocurrencies, including Solana (SOL), Ethereum (ETH), Cardano (ADA), Polygon (MATIC) and the native BNS token.
It charges a 0.1% trading fee, which is much lower compared to spot trading. The exchange highlighted has noted that there is no tax deducted at the source (TDS) on futures trading.
The Bitbns exchange launched its futures platform in early July. It was built on its margin trading system that went live four years ago. Users are able to trade with up to 10x leverage. Bitbns allows users to take long and short positions simultaneously with the same trading instrument.
Last month, Bitbns had its bank account blocked by local law enforcement officers. This forced the trading platform to delay withdrawals in Indian rupees (INR).
India's Enforcement Directorate launched an investigation into several cryptocurrency exchanges that are suspected of facilitating money laundering.
In early July, Bitbns experienced a substantial drop in trading volume after the Indian government enforced new cryptocurrency tax rules that require trading platforms to levy a 1% TDS on crypto transactions.
The Indian cryptocurrency market is struggling due to a lack of regulatory clarity. According to a recent KuCoin survey, every third crypto Indian trader is concerned about regulation.
Last month, Nirmala Sitharaman, India's finance minister, said that crypto traders should "exercise caution."
Godfrey Benjamin
Vladislav Sopov
Dan Burgin