OKX has announced expansion efforts in the Asia-Pacific region by launching its spot and derivatives crypto trading platform in Australia.
In a recent press release, OKX revealed that it will provide spot trading services to all Australian users, while derivatives trading will be limited to verified wholesale clients.
Australian users will also have the ability to deposit and withdraw AUD through most local banks, gaining access to a wide range of cryptocurrencies, including 85 crypto tokens and 170 crypto spot pairs.
Commenting on the development, OKX Australia General Manager Jamie Kennedy said, “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 emphasized the company’s commitment to responsible innovation and its belief in the value of introducing product innovations in trading and self-custody to the Australian market.
OKX Resumes Global Expansion
OKX’s expansion into Australia comes after establishing its Sydney office a year ago, which served as a foundation for assembling a local team of professionals in management, legal, compliance, and other specialized areas.
Kennedy also expressed confidence in the team’s ability to contribute to Australia’s crypto industry in the long term.
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 exchange has been actively expanding its global presence, having recently obtained a virtual asset service provider license in Dubai and an in-principle license in Singapore.
Additionally, OKX launched X Layer, its own Ethereum-based zero-knowledge Layer 2 network, to provide its 50 million global users with access to decentralized applications.
OKX’s growth is evident in its trading volume, as it ranked as the world’s third-largest crypto exchange by monthly trading volume in April, trailing only Binance and Bybit.
The exchange recorded over $110.7 billion in trading during that month.
Crypto Under Scrutiny in Australia
Australia has been intensifying its scrutiny of the cryptocurrency industry in recent times.
Last year, officials from the Australian Securities and Investments Commission (ASIC) conducted searches at Binance Australia’s offices.
In March, Australia’s prudential regulator instructed banks to report their exposures to crypto firms and startups following the collapse of Silicon Valley Bank.
The Australian Prudential Regulation Authority (APRA) called for improved reporting on crypto assets and requested daily updates from banks to gain deeper insight into potential vulnerabilities in the system.
EXPLORE: OKX Exchange Review – Is It Legit?
Additionally, in October, the Australian government proposed subjecting digital asset platforms to the same laws that govern other financial services providers.
The plan includes crypto platform operators obtaining a financial services license, implementing continuous monitoring, and conducting routine audits of customer funds.
More recently, the Australian Taxation Office (ATO) initiated a crypto tax crackdown, demanding personal and transaction data from up to 1.2 million crypto exchange accounts.
Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
