The crypto exchange is promoting synthetic contracts tied to the Claude maker’s planned Nasdaq listing, with a 500,000 USDT prize pool. Buyers get no shares, and Pakistan now requires crypto platforms to be licensed.
LAHORE: Crypto exchange BingX is promoting “pre-IPO” trading linked to Anthropic, the US artificial intelligence company behind the Claude chatbot, a day after Anthropic filed publicly for a listing on Nasdaq. The offer is open to eligible users, including in Pakistan, just as the country’s new crypto licensing regime takes hold.
BingX said its “Connect What’s Moving” campaign would give users timely market updates, access to crypto and traditional-market products, and educational content to help them follow the Anthropic offering. It has launched a promotional event with a 500,000 USDT prize pool, under which eligible new users can trade the Anthropic contract and claim a reward equivalent to $15.
On October 26, Anthropic said it had filed an S-1 registration statement with the US Securities and Exchange Commission for a proposed initial public offering of Class A shares, which it intends to list on the Nasdaq Global Select Market under the ticker “ANT”. The number of shares and the price range have not been set, and the shares cannot be sold until the registration becomes effective. Goldman Sachs and Morgan Stanley are among the banks named in the filing.
The listing is being closely watched as a test of investor appetite for AI companies, whose growth has driven demand for semiconductors, data centres and cloud services.
The product BingX is promoting is not Anthropic stock. It is a perpetual futures contract, a derivative that lets traders bet on a reference price for Anthropic, settled in the USDT stablecoin. BingX says the contract offers 24/7 trading with “no lock-ups or US brokerage accounts needed”.
Such contracts have become popular this year. Coinbase launched pre-IPO perpetuals in June, starting with SpaceX, and described them as derivatives that give “no equity ownership, voting rights, or direct claim on company shares”. Coinbase capped leverage at five times and does not offer them in the United States, Britain, India and several other markets.
Analysts have flagged specific risks. Because the companies are not yet listed, there is no public market price to anchor the contract, so prices can be volatile and thinly traded, and positions can be liquidated quickly. Holders have no relationship with the company. Earlier this year, synthetic tokens linked to Anthropic and OpenAI reportedly fell more than 40% after both companies said share transfers made without board approval were void, according to an analysis published by Nasdaq. BingX’s release does not specify the leverage available or how the contract will be treated once Anthropic lists.
For Pakistani users, the bigger issue may be regulatory. Under the Virtual Assets Act 2026, firms must hold a licence from the Pakistan Virtual Assets Regulatory Authority (PVARA) before offering virtual asset services in Pakistan. Platforms already operating had to apply for a no-objection certificate by September 5 or stop operating. PVARA has granted initial clearance to Binance and HTX.
BingX has not been listed among the applicants in published reports, and the company has not said whether it has applied, as The Lahore Times reported when BingX added US stock trading this month. Its latest release is datelined Pakistan but does not say whether it holds, or has applied for, a Pakistani licence. The Securities and Exchange Commission of Pakistan, meanwhile, has set up an intelligence unit to catch Ponzi schemes early, reflecting concern over high-risk online investment products.
Pakistan has one of the world’s most active retail crypto markets, driven by young, digitally connected users, many of them freelancers in cities such as Lahore and Karachi who earn in foreign currency. That makes campaigns tied to headline events, and offering rewards to new users, particularly effective, and particularly risky for inexperienced traders at a time when real incomes are under strain.
The AI boom that Anthropic’s listing reflects is already reaching Pakistan’s economy. The country’s ICT exports have been growing, Pakistani apps have passed 4.6 billion downloads, Punjab is pushing AI into classrooms, and policymakers have argued that the province’s AI drive must reach farmers and small firms. Many Pakistani developers and companies use AI tools from US firms, including Anthropic’s.
Owning a stake in that growth through a genuine share, however, will require access to the Nasdaq listing through a regulated broker once trading begins, subject to Pakistan’s foreign investment and exchange rules, not a derivative traded on an offshore crypto platform.
“A major market development starts with a headline, but users also need the tools to gain a deeper understanding of what it means and how they can participate,” said Kevin Lee, BingX’s chief strategy officer.
Founded in 2018, BingX says it serves more than 40 million users worldwide and offers perpetual futures, traditional-market products, spot trading and copy trading. It has sponsored Chelsea FC since 2024 and became an official team partner of Scuderia Ferrari HP this year.
Financial experts advise Pakistani users to check whether any platform is licensed by PVARA before depositing money, to understand that pre-IPO contracts confer no ownership, to avoid leverage they do not fully understand, and to treat sign-up rewards with caution. Losses on leveraged derivatives can exceed the amount a beginner expects to risk.
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