OKX Expands to Australia

A year after OKX established offices in Sidney, one of the world's leading digital asset exchanges, it officially launched its operations in Australia. ¡

The launch, announced Tuesday, will enable spot trading for all users and derivatives trading for verified wholesale clients in Australia. This move arrived months after the exchange's subsidiary received in-principle approval for a payments license to operate in Singapore. Furthermore, OKX also launched its operations in Turkey in February.

Commitment to Compliance and Transparency

Adding to its expansion spree, OKX's Australian launch aims to provide a trusted, compliant, and transparent gateway to crypto trading and decentralized finance (DeFi).

"As part of our long-term commitment to the Australian market, we look forward to improving our offering to better serve the local crypto community," the exchange wrote on X.

Broad Offering for Local Users

With the launch, OKX claims to be the most significant global crypto exchange offering Australians direct AUD deposits and withdrawals. Currently, spot trading users can access 170 crypto spot pairs and a total of 85 tokens, including Bitcoin, Ethereum, Solana, and Tether.

The OKX's Australian arm plans to add more tokens in the coming months. "Australian crypto users deserve a secure, easy-to-use platform that is responsive to their needs," Jamie Kennedy, general manager at OKX Australia, noted.

The Crypto-Hungry Population

One key reason crypto exchanges choose this smallest continent is its crypto-hungry population. A recent Koinly survey revealed that 31.6% of Australians held or had held crypto as of July 2023. It also indicated that crypto ownership in Australia has consistently increased since 2019, with one out of four adults owning cryptocurrency.

Regulatory Landscape and Future Prospects

On the other hand, Australia has intensified scrutiny on crypto exchanges lately, demanding data from 1.2 million accounts to crack down on users failing to pay their taxes amid rising interest in crypto tokens.

Moreover, the country's market operator, ASX, is eyeing approval for the first-ever Spot Bitcoin exchange-traded funds (ETFs) by the end of 2024. This approval could trigger a surge in Bitcoin investment options among Australian users.