SUMMARY
Delta Exchange said it is fully compliant and has registered with India’s Financial Intelligence Unit, as per regulatory norms
Delta Exchange India, will allow users to settle trades in local currency (INR), and enable seamless and instant INR deposit and withdrawals
Founded in 2018 by Pankaj Balani, Jitender Tokas and Saurabh Goyal, Delta Exchange offers futures, perpetual and options trading for BTC, ETC and leading altcoins
Amid increasing adoption of cryptocurrency in India, crypto derivatives platform Delta Exchange has formally launched its operations in the country to offer crypto futures and options trading.
Delta Exchange said in a statement that it is fully compliant and has registered with India’s Financial Intelligence Unit, as per regulatory norms.
With this launch, Delta Exchange has become the first platform in India to offer options trading on crypto assets such as Bitcoin (BTC) and Ethereum (ETH) among others.
The company said its platform, Delta Exchange India, will allow users to settle trades in local currency (INR), and enable seamless and instant INR deposit and withdrawals.
Furthermore, traders will be able to operate on the derivative exchange without the need of holding stablecoins or any other crypto tokens.
Delta Exchange India said it will not allow crypto deposits and withdrawals, doing away with the risks related to crypto custody.
Cofounder and CEO Pankaj Balani said, “Delta Exchange’s unique platform focuses on select crypto derivatives, thus eliminating the need to park crypto assets for trading, allowing users to trade with confidence.”
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“This approach ensures that both seasoned traders and newcomers can explore the opportunities in crypto derivatives within a secure and compliant environment. Additionally, it allows traders to deal in INR only, making the process smooth and transparent,” Balani added.
Founded in 2018 by Balani, Jitender Tokas and Saurabh Goyal, Delta Exchange offers futures, perpetual and options trading for BTC, ETC and leading altcoins.
Delta Exchange counts CoinFund, Sandeep Nailwal’s family office, Aave, Kyber Network and SinoGlobal Capital among its backers.
Delta Exchange’s India platform reached 1 Lakh users just two months after its beta launch, with daily trading volume hitting $300 Mn at its peak, the company said.
Delta Exchange’s India entry comes at a time when the government has tightened its oversight of the crypto sector and imposed hefty penalties on offshore crypto exchanges for skirting anti-money laundering laws.
Earlier this month, the FIU slapped a fine of INR 18.82 Cr (around $2.25 Mn) on crypto exchange Binance for flouting the Prevention of Money Laundering Act, 2002 (PMLA).
In January, the Centre banned top foreign crypto platforms such as Binance, KuCoin and OKX among others amid concerns that these platforms were being used for money laundering and tax evasion.
In December last year, the FIU sent show-cause notices to nine offshore crypto exchanges for allegedly illegally operating in the country and non-compliance with India’s anti-money laundering laws.
These offshore crypto exchanges were not registered with the FIU as virtual asset service providers.
