Crypto

XRP, Dogecoin and Shiba Inu Futures are now supported by Indian Crypto Exchange Bitbns

Alex Dovbnya

After adding Solana (SOL) and Cardano (ADA), Bitbns has expanded the number of offers on its futures platform

Indian crypto exchange Bitbns announced that it now allows users to trade futures contracts on Shiba Inu (SHIB), Dogecoin (DOGE), and XRP.

It also offers trading via Tether (USDT) margined perpetual swaps in a host of other cryptocurrencies, including Solana (SOL), Ethereum (ETH), Cardano (ADA), Polygon (MATIC) and the native BNS token. .

It charges a trading fee of 0.1%, which is much lower than spot trading. The highlighted exchange noted that there is no withholding tax (TDS) on futures trading.

The Bitbns exchange launched its futures platform in early July. It was built on its margin trading system which went live four years ago. Users can trade with up to 10x leverage. Bitbns allows users to simultaneously take long and short positions with the same trading instrument.

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Last month, Bitbns had its bank account blocked by local law enforcement. This forced the trading platform to delay withdrawals in Indian Rupees (INR).

India’s Law Enforcement Directorate has launched an investigation into several cryptocurrency exchanges suspected of facilitating money laundering.

In early July, Bitbns experienced a substantial drop in trading volume after the Indian government implemented 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, one in three Indian crypto traders are concerned about regulation.

Last month, Nirmala Sitharaman, India’s finance minister, said crypto traders should “exercise caution.”

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