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Delta Exchange Debuts Crypto Derivatives Platform: India

Discover how Delta Exchange is reshaping crypto trading in India with its compliant, INR-based platform amid tightened government regulations.

1 min 30 secJune 29, 2024July 3, 2024
Delta Exchange Debuts Crypto Derivatives Platform: India

Amid rising cryptocurrency adoption in India, Delta Exchange has officially launched its crypto derivatives platform in the country. It offers futures and options trading for cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH). The exchange has registered with India’s Financial Intelligence Unit (FIU) and claims full compliance with regulatory norms. The company has Series-A funding and claims to have over 1 lakh Indian users on board the beta-version of the Indian platform.

 

 

Delta Exchange India enables users to settle trades in INR. This includes providing instant deposits or withdrawals in local currency. This platform eliminates the need for holding stablecoins or other crypto tokens, reducing custody risks. Importantly it does not permit crypto deposits or withdrawals. It focuses solely on INR transactions.

CEO Pankaj Balani emphasized that Delta Exchange’s platform focuses on select crypto derivatives. Users can trade confidently without parking crypto assets. This approach aims to cater to both seasoned traders and newcomers, offering a secure and compliant trading environment.

 

 

Founded in 2018 by Pankaj Balani Jitender Tokas and Saurabh Goyal, Delta Exchange is backed by CoinFund Sandeep Nailwal’s family office, Aave Kyber Network, and SinoGlobal Capital. The platform reached 100,000 users within two months of its beta launch. Peak daily trading volumes hit $300 million.

 

 

 

 

Delta Exchange’s entry into the Indian market comes amid increased government scrutiny of the crypto sector. Recently the FIU fined Binance INR 18.82 crore for violating the Prevention of Money Laundering Act (PMLA). The government banned top foreign crypto platforms like Binance. It also banned KuCoin and OKX over money laundering and tax evasion concerns.

 

 

In December last year, the FIU issued show-cause notices to nine offshore crypto exchanges. They were allegedly operating illegally. They also failed to comply with anti-money laundering laws. These exchanges were not registered with the FIU as virtual asset service providers.

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