As India sharpens its focus on regulated crypto innovation, Delta Exchange is setting a new benchmark in compliant, investor-friendly derivatives trading. At the helm is Pankaj Balani, CEO and Co-founder, who brings over 17 years of expertise in global derivatives and quantitative finance. Under his leadership, Delta Exchange—backed by marquee investors like Aave, Kyber Network, and CoinFund—has emerged as a India’s first and only platform to offer Options trading in Bitcoin (BTC), Ethereum (ETH) and a few more crypto assets with daily with daily expiry, INR settlements, and a robust suite of trading products.
In this exclusive interview, Pankaj shares insights on India’s evolving regulatory landscape, the rise of crypto derivatives, product innovation, and what it takes to build trust and transparency in a high-stakes digital asset economy.
What was the core idea behind launching Delta Exchange as a crypto derivatives platform specifically for Indian users, and how are you navigating risk, volatility, and regulatory compliance in such a complex landscape?
Delta Exchange was designed to address the unique needs of Indian crypto traders by creating a fully compliant, INR-based derivatives platform. Recognizing that most global exchanges don’t support INR settlements or comply with Indian regulations, we built a specialized trading environment where all contracts are settled in INR without requiring users to hold cryptocurrencies. All participants are Indian and no money is sent outside India ensuring full compliance with local laws. As India's largest crypto futures and options platform, we've achieved remarkable growth, currently processing $2.5 billion in daily trading volume (as of May 2025). Our platform stands out by offering advanced margin modes such as portfolio-margin, which help reduce margin requirements for customers significantly. We are fully compliant with FIU-India regulations. This combination of accessibility, capital efficiency, and regulatory compliance has made us the preferred choice for both retail and professional traders looking to participate in crypto derivatives markets safely and conveniently.
What key trends do you foresee in the evolution of crypto derivatives, and how should exchanges prepare to stay ahead of global institutional expectations?
The crypto derivatives landscape is undergoing rapid transformation, with several key trends emerging. First, we are seeing growing institutional demand for regulated platforms that offer sophisticated products - a need we address through our diverse offerings including Bitcoin and Ethereum Options with daily, weekly and monthly expiries. Second, there is a demand amongst traders for an alternate asset class that provides diversification from traditional markets and whose return profile is uncorrelated, something that Crypto F&O markets fulfill. Third, the market is moving towards solutions that eliminate crypto custody risks and remove the hassle of owing or holding crypto to access the price return of crypto. Something that our offerings on Delta Exchange help achieve by remaining completely compliant with local laws and providing custody of assets in INR. This coupled with robust and low latency APIs, which allow traders to easily integrate our platform with their existing systems and strategies, is helping drive institutional demand.
How can trading platforms drive greater accessibility and profitability for retail and institutional traders alike — without compromising on risk and operational efficiency?
Delta Exchange has implemented a multi-tiered approach to serve traders from both institutional and retail segments. For retail users, we have created simplified interfaces, educational resources, and demo accounts which allow them to familiarize with crypto derivatives. We have no minimum deposit requirements, instant withdrawals and small lot sizes, which allow traders to experiment with a small capital before they are more comfortable with the asset class.
For professional traders, we offer advanced order types such as bracket orders, apart from the basic order types (limit, market, stop-loss). We also offer isolated, portfolio and cross-margin modes in order to cater to different risk-management requirements of a trader. The platform's $2.5 billion daily trading volume ensures deep liquidity and tight spreads across all products, ensuring that large orders are filled with minimal slippage. Our crypto FNO exchange delivers high operational efficiency with low-latency infrastructure, seamless trade execution, and real-time margining, all backed by advanced risk controls for a secure and optimized trading experience. Most importantly, our unique INR settlement system - where funds are kept in custody with Indian banks - provides both convenience and an additional layer of security for Indian traders, contributing to our position as the country's leading crypto derivatives platform.
What proactive measures should industry players adopt to ensure agility without compromising compliance or investor protection?
Industry players, especially in the crypto space should implement stringent KYC-AML protocols, in accordance with the prescribed guidelines by FIU-India. On Delta Exchange, all deposits and withdrawals are made only in INR and only to PAN verified and KYC linked bank accounts of the participants. No money is held in crypto and no funds are sent outside India to ensure full compliance and transparency. We follow industry best practices for trade and transaction monitoring to ensure a safe and compliant trading environment for our trades. Our solution is built specifically for the India market keeping the needs of Indian customers whilst ensuring that all local compliances are fully met.
For an average Indian investor stepping into the world of crypto derivatives, what key factors should they evaluate before trusting a platform — beyond just returns? How do transparency, compliance, and user education come into play when building long-term credibility?
For Indian traders entering crypto derivatives, selecting the right platform requires careful evaluation beyond just potential returns. The industry's rapid growth has made Due Diligence (DYOR - Do Your Own Research) absolutely critical before trusting any exchange. First and foremost, regulatory compliance serves as the foundation - traders should verify FIU registration in India and check if the platform follows Indian laws. Transparency indicators such as clear fee structures and on-time settlements separate trustworthy platforms from risky ones.
The importance of DYOR cannot be overstated in crypto derivatives trading. Traders must:
Research the team's background and track record
Check liquidity depth across platforms
Verify withdrawal reliability
Understand risks specific to derivatives
Try out the shortlisted platform with a small capital to validate the above points
Delta Exchange's educational resources on risk management further empower users to make informed decisions. Our 24/7 support is always available to help users tackle any issues that they might face.
With Delta Exchange registered with FIU India and offering INR-based settlement for crypto derivatives — what’s your plan for scaling operations both within India and across global markets in the upcoming days?
Building on our strong position in India, Delta Exchange is pursuing an ambitious growth strategy. We are focused on deepening liquidity through partnerships with market makers and institutional traders, which will further improve execution quality for all users. Our technology infrastructure is being continuously enhanced to support this growth while maintaining the low-latency performance and reliability that professional traders demand. Delta Exchange's unique combination of regulatory compliance, product innovation, and user-focused design positions us well for continued leadership in the evolving crypto derivatives ecosystem.