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XRP, Dogecoin and Shiba Inu Futures Now Supported by Indian Crypto Exchange Bitbns

Fri, 09/02/2022 - 15:51
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Alex Dovbnya
After adding Solana (SOL) and Cardano (ADA), Bitbns has expanded number of offerings on its futures platform
XRP, Dogecoin and Shiba Inu Futures Now Supported by Indian Crypto Exchange Bitbns
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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."

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at