OKX Is Transitioning To Australia Due To Friendly Local Crypto Environment

OKX is poised to launch a locally regulated entity in Australia, marking a significant move for the cryptocurrency exchange towards expanding its presence in the Asia-Pacific region. The official announcement was made in Sydney on May 14th, 2024, by Oscar Piastri of McLaren Racing, the main sponsor of OKX.

Enhancing The Platform

Jamie Kennedy, the general manager of OKX Australia, emphasized the development of a secure and user-friendly platform, offering access to banking facilities and AUD pairs with popular cryptocurrencies, alongside a reduced number of trading pairs tailored for Australian users. Options trading is also available for crypto enthusiasts.

Hong Fang, the president of OKX, highlighted the diverse Australian customer base, comprising both experienced cryptocurrency users and newcomers to the market. The company initially expressed interest in expanding to Australia in March 2023, recognizing the growing interest in cryptocurrency among Australians.

Why Australia

The transition to Australia involved establishing various local entities, OKX Australia Pty Ltd and OKX Australia Financial Pty Ltd, in compliance with the Corporations Act 2001. Despite regulatory requirements, OKX lauded Australian regulators for their transparency. The exchange had to adjust its services to adhere to local legislation, including discontinuing copy trading, yield-bearing products, and trading certain tokens.

Despite these adjustments, OKX remains one of the largest cryptocurrency exchanges worldwide by volume, with a daily trading volume of $2.8 billion, ranking third globally behind Bybit. At any rate, the expansion into Australia signifies a new phase for OKFC in its cryptocurrency journey, characterized by a commitment to regulatory compliance and customer satisfaction. The company aims to leverage the innovative and crypto-friendly environment prevalent in Australia to provide cutting-edge solutions tailored to the ever-changing needs of the crypto market.