- Crypto exchange OKX launches local regulated entity in Australia
- The expansion comes 12 months after the firm announced its intention to expand to Australia
- 170 crypto trading pairs will be available to Australian users on OKX
Crypto exchange OKX is moving forward with its expansion in the Australian market by launching a new locally regulated entity. This comes about a year after OKX first announced plans to establish an Australian presence.
OKX Australia Launch
OKX president Hong Fang made the official announcement about the launch of OKX’s Australian entity at a media event in Sydney on May 14. According to OKX Australia general manager Jamie Kennedy, the new local exchange aims to provide Australian crypto users with “a platform that is secure, easy-to-use and responsive to their needs.”
Initially, OKX Australia will offer 170 crypto trading pairs. The exchange’s Australian-focused services have transitioned from an offshore Seychelles entity to two new onshore companies, OKX Australia Pty Ltd and OKX Australia Financial Pty Ltd. The former handles the crypto exchange and fiat services, while the latter oversees derivatives and margin products.
Compliance with Local Regulations
To comply with Australian regulations, OKX has stopped offering certain products like copy trading and yield-bearing accounts. It has also removed trading for some unsupported tokens, making them withdrawal-only. Additionally, local users must meet requirements around suitability assessments and definitions of “wholesale client.”
OKX in the Global Exchange Market
OKX is currently the third-largest crypto exchange globally by trading volume, behind only Bybit. In March 2021, when OKX first announced plans to expand into Australia, it cited significant interest in crypto trading in the country. Australia has been described as a key growth market for the exchange.
Conclusion
The launch of OKX Australia marks a major step in the exchange’s Asia-Pacific growth strategy. By establishing a locally regulated entity, OKX aims to better serve Australian traders with an exchange tailored to their needs. However, the new exchange must operate within the confines of Australia’s regulatory environment.
