Actual delivery is when crypto you buy is sent to a wallet you control, instead of staying with the platform you bought it from.
When someone buys crypto, it can end up in one of two places: held on the platform on behalf of the buyer, or in a wallet controlled by the buyer.
Both are common. Actual delivery describes the second.
How actual delivery works
Actual delivery gives buyers more control over their crypto, but can take extra steps, so many platforms keep crypto in the buyer’s account by default.
The CFTC’s interpretation
In October 2026, the CFTC shared its early view on what counts as actual delivery:
The definition matters because it decides whether a company’s leveraged crypto product has to follow futures trading rules. A company that offers a leveraged product without following those rules can face enforcement action from the CFTC, including fines and orders to stop offering the product.
The bigger picture
Your balance can look the same onscreen whether an exchange holds your crypto or you do. The difference is who holds the keys. If an exchange holds it, you’re trusting that exchange to hand it over when you ask. If it’s in your own wallet, nobody’s permission is needed. Actual delivery is where regulators draw that line, and the rules are still being written.
