OKX, a prominent global cryptocurrency exchange, has officially launched its regulated operations in Australia, marking a significant milestone in its expansion efforts across the Asia-Pacific region.
The launch comes a year after the exchange announced its intention to establish a presence in the country by opening a Sydney office and assembling a team of local experts.
TLDR
- OKX, a leading global cryptocurrency exchange, has officially launched its regulated operations in Australia.
- The launch comes a year after the exchange established its Sydney office and assembled a local team.
- Australian users now have access to spot trading for 170 crypto pairs and 85 tokens, including popular ones like Bitcoin, Ethereum, and Solana.
- Verified wholesale clients can also trade derivatives on the platform through OKX Australia Financial Pty Ltd.
- The launch aligns with Australia’s growing crypto adoption and the regulator’s efforts to provide a regulated environment for digital assets.
The Australian launch offers a comprehensive suite of crypto services tailored to meet the needs of local users. All users in the country now have access to spot trading for a wide range of cryptocurrencies, with 170 crypto pairs and 85 tokens available, including popular ones like Bitcoin, Ethereum, Solana, and Tether (USDT).
OKX Australia plans to list additional tokens on an ongoing basis, further expanding the trading options for Australian customers.
In addition to spot trading, OKX has made provisions for derivatives trading, catering to the needs of verified wholesale clients.
This service will be offered by OKX Australia Financial Pty Ltd., a subsidiary of the exchange that holds an Australian Financial Services (AFS) license regulated by the Australian Securities and Investments Commission (ASIC).
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
The launch of OKX’s regulated operations in Australia comes at a time when the country is witnessing a growing interest and adoption of cryptocurrencies.
According to a survey by Koinly, as of July 2023, nearly one-third (31.6%) of Australians held or had held some form of cryptocurrency.
This trend of increasing crypto ownership in Australia has been consistent since 2019, with one in four adults now owning some type of digital asset.
OKX’s expansion into the Australian market aligns with the exchange’s commitment to providing a trusted, compliant, and transparent gateway to crypto trading and decentralized finance (DeFi) services.
The exchange has worked closely with Australian regulators to ensure compliance with local laws and regulations, including obtaining the necessary licenses and approvals.
“As part of our long-term commitment to the Australian market, we look forward to continuing to improve our offering to better serve the local crypto community,” OKX stated in a release.
Jamie Kennedy, the general manager of OKX Australia, emphasized the importance of providing a secure and user-friendly platform that caters to the needs of Australian crypto users.
“Australian crypto users deserve a platform that is secure, easy-to-use and responsive to their needs, which include seamless access to banking rails as well as AUD pairs for the most popular cryptocurrencies,” Kennedy said.
OKX’s Australian operations are divided into two entities: OKX Australia Pty Ltd., registered with AUSTRAC (Australian Transaction Reports and Analysis Centre), will provide over-the-counter (OTC) spot trading services, while OKX Australia Financial Pty Ltd. will handle derivatives trading services.
