OKX Launches in Australia

OKX Launches Operations in Australia

OKX, a world-leading digital asset exchange, has officially launched its operations in Australia, a year after establishing an office in Sydney in May 2023. The launch enables spot trading for all users and derivatives trading for verified wholesale clients in Australia.

Expansion and Offerings

OKX has been expanding its operations globally. The exchange’s subsidiary received in-principle approval for a payments license to operate in Singapore and also launched operations in Turkey. The Australian launch aims to provide a trusted, compliant, and transparent gateway to crypto trading and decentralized finance (DeFi).

Enhanced Services

With this launch, OKX becomes the largest global crypto exchange offering direct AUD deposits and withdrawals to Australians. Spot trading users now have access to 170 crypto spot pairs and a total of 85 tokens including Bitcoin, Ethereum, Solana, and Tether. The Australian arm plans to add more tokens in the future.

Commitment to the Australian Market

OKX expressed its long-term commitment to the Australian market and its goal to continually improve its offerings to better serve the local crypto community.

Australia’s Crypto Landscape

Australia has seen a growing interest in cryptocurrencies. A survey reported that 31.6% of Australians held or had held crypto as of July 2023. Crypto ownership in the country has been on the rise since 2019, with 1 in 4 adults owning some form of cryptocurrency.

The Australian government has increased scrutiny on crypto exchanges, requesting data from 1.2 million accounts to ensure tax compliance. Additionally, the country’s market operator, ASX, is considering approving the first Spot Bitcoin exchange-traded funds (ETFs) by the end of 2024, potentially opening up new investment options for Australian users.