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Sujit Kumar
May 14, 2024
by Sujit Kumar

OKX Launches Crypto Exchange Services in Australia

OKX Launches Crypto Exchange

Table of contents

  1. Comprehensive Services for Aussie Traders
  2. Meeting Local Regulatory Standards
  3. Global Presence and Local Impact
OKX, a leading global cryptocurrency exchange, has officially launched its services in Australia, marking a significant expansion in the Asia-Pacific region. This announcement was made by McLaren Racing driver Oscar Piastri at a media event in Sydney on May 14.

Jamie Kennedy, General Manager of OKX Australia, emphasized the need for a secure and user-friendly platform for 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 stated.

Comprehensive Services for Aussie Traders

OKX is now offering 170 crypto trading pairs to Australian users, alongside options trading and spot trading. The exchange has shifted its Australian-focused services from a Seychelles-based entity to two local entities: OKX Australia Pty Ltd, handling crypto exchange and fiat services, and OKX Australia Financial Pty Ltd, managing derivatives and margin products.

Meeting Local Regulatory Standards

Hong Fang, President of OKX, praised Australia's dynamic customer base, which includes both experienced traders and those new to the crypto market. However, Australian regulations require users to pass a suitability assessment and meet the definition of a wholesale client, in compliance with the Corporations Act 2001. Despite these regulatory challenges, Fang commended Australian regulators for their open and transparent engagement.

OKX has also made adjustments to comply with local laws, including halting the offering of copy trading, yield-bearing products, and trading of some tokens. These unsupported tokens have been set to withdrawal-only since March 20.

Global Presence and Local Impact

Ranked as the third-largest crypto exchange globally by volume, OKX sees a daily trading volume of $2.8 billion, according to CoinGecko. The launch in Australia highlights OKX's commitment to expanding its global footprint and catering to the growing demand for cryptocurrency trading in key markets.

Disclaimer: The views and opinions expressed in this article are for informational purposes only and do not constitute financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
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Australia OKX Launches Crypto Exchange
OKX Launches Crypto Exchange Services in Australia
Sujit Kumar
Sujit received his Bachelors in Science from the LNMU Darbhanga. He is currently working as a Content Strategist. He has more than three years of professional experience in information systems, security policies, technologies, and Cryptocurrency. He has published 6 books in the area of information security and assurance. He has published more than 50 research articles in leading journals Regarding the Latest and Breaking Crypto News and updates. His research interests include access control, computer forensics, Digital Marketing, Web development, business hacks, player experience, and virtual storytelling.

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