Leading global cryptocurrency exchange OKX has officially launched its services in Australia, marking a significant milestone in its expansion efforts across the Asia-Pacific region.
The move comes a year after the firm established an office in Sydney, signaling its commitment to the Australian market.
TLDR
- Crypto exchange OKX has officially launched its services in Australia, offering spot trading for all users and derivatives trading for verified wholesale clients.
- The move comes 12 months after OKX announced its intention to expand into the Australian market, with the establishment of a local office in Sydney.
- OKX Australia Pty Ltd, registered with AUSTRAC, will handle the crypto exchange and fiat services, while OKX Australia Financial Pty Ltd, holding an AFS license, will handle derivatives and margin products.
- The exchange currently offers 170 crypto spot pairs and 85 tokens, with plans to add more in the coming months, and allows users to deposit and withdraw AUD using local banks.
OKX president Hong Fang expressed enthusiasm for the Australian market, stating,
“I think Australia is a very underrated market. There is a very good dynamic and customer mix here. Good fundamental customers, the investors, are generally educated and sophisticated. They are interested in technology.”
As part of the launch, OKX has moved its Australian-focused services under two locally regulated entities. OKX Australia Pty Ltd, registered with AUSTRAC, will handle the crypto exchange and fiat services side, while OKX Australia Financial Pty Ltd, holding an Australian Financial Services (AFS) license, will handle derivatives and margin products.
Breaking news on OKX down under, announced by McLaren Racing driver @OscarPiastri ????
We've officially launched OKX exchange services in Australia ???????? @OKXAustralia
We're now the largest global crypto exchange offering AUD on ramps & spot trading pairs. pic.twitter.com/aAyBmLFLtd
— OKX (@okx) May 14, 2024
Despite the regulatory hurdles, such as the requirement for local users to pass a suitability assessment and meet the definition of a wholesale client, Fang praised Australian regulators for their open and transparent engagement with the exchange.
To comply with local laws, OKX has had to stop offering certain services, such as copy trading and yield-bearing products, and has made some tokens withdrawal-only since March 20.
However, the exchange remains confident in its partnerships and does not foresee issues similar to those faced by competitor Binance in Australia.
Currently, OKX offers 170 crypto spot pairs and 85 tokens, including Bitcoin, Ethereum, Solana, and Tether, for spot trading.
The exchange plans to add more tokens in the coming months. Australian users can now deposit and withdraw AUD using local banks and access various features such as express buy/sell, peer-to-peer trading, and convert functions.
With the official launch, OKX aims to provide a trusted, compliant, and transparent gateway to crypto trading and decentralized finance (DeFi) for the growing crypto-hungry population in Australia.
The exchange’s commitment to the market is further demonstrated by its investment in compliance and security measures to ensure peace of mind for its users.
