OKX, a prominent digital asset exchange, has recently expanded its operations to Australia, a move that comes just a year after the establishment of an office in Sydney in May 2023. The launch allows for spot trading for all users as well as derivatives trading for verified wholesale clients in Australia. In addition to this, the exchange has received in-principle approval for a payments license to operate in Singapore and has also launched operations in Turkey earlier this year. The aim of OKX’s expansion into the Australian market is to provide a trusted, compliant, and transparent gateway for crypto trading and decentralized finance (DeFi) for the local community.
The launch also marks OKX as the largest global crypto exchange offering direct AUD deposits and withdrawals for Australians. With access to 170 crypto spot pairs and a total of 85 tokens including popular options like Bitcoin, Ethereum, Solana, and Tether, the Australian arm of OKX plans to add more tokens in the coming months. General Manager at OKX Australia, Jamie Kennedy, emphasized the need for Australian crypto users to have a secure and user-friendly platform that provides seamless access to banking rails and AUD pairs for popular cryptocurrencies.
Australia has seen a growing interest in cryptocurrencies, with a significant portion of the population holding or having held crypto assets. Data from a survey conducted by Koinly revealed that 31.6% of Australians were involved in crypto as of July 2023, with ownership consistently increasing since 2019. However, the Australian government has also ramped up scrutiny on crypto exchanges, recently demanding data from 1.2 million accounts in an effort to crack down on tax evasion related to cryptocurrency transactions. Additionally, the country’s market operator, ASX, is working towards approving the first-ever Spot Bitcoin exchange-traded funds (ETFs) by the end of 2024, which is expected to provide Australian investors with more opportunities to invest in Bitcoin.
The decision to launch in Australia reflects OKX’s long-term commitment to the market and its goal of enhancing its services to meet the needs of the local crypto community. By providing a platform that prioritizes security, ease of use, and responsiveness to users’ needs, OKX aims to cater to the growing demand for cryptocurrency trading in the region. With Australia’s increasing interest in digital assets and the potential approval of Bitcoin ETFs, the country is poised to become a key market for cryptocurrency exchanges looking to expand their presence and offer innovative products and services to users.
As OKX continues to expand its global footprint, the launch in Australia represents a strategic move to tap into the country’s crypto-hungry population and provide a comprehensive trading platform for users. With the addition of more tokens and trading pairs in the future, OKX Australia is poised to become a go-to destination for Australian crypto enthusiasts looking for a secure and convenient platform to trade digital assets. The collaboration with local regulators and financial institutions demonstrates OKX’s commitment to operating in a compliant manner and building trust within the Australian market, positioning the exchange as a leading player in the region’s rapidly growing crypto ecosystem.
