OKX Launches Crypto Exchange in Australia

Global crypto exchange OKX launches in Australia, offering spot trading & derivatives for verified clients. It aims to be a trusted gateway for Aussies to trade crypto.

OKX, a preeminent global digital asset exchange, has commenced business activities in Australia one year after establishing its Sydney office in May 2023.

The Tuesday announcement would facilitate spot trading for all users and derivatives trading for verified Australian wholesale clients.

The action was taken months after an in-principle sanction was granted to the exchange’s subsidiary for a payments license to operate in Singapore. In February of this year, the exchange commenced its operations in Turkey.

OKX’s Australian launch, which continues its expansion, aims to provide a transparent, compliant, and trustworthy gateway to decentralized finance and cryptocurrency trading.

The exchange wrote on X, “As part of our long-term commitment to the Australian market, we look forward to further enhancing our offering to better serve the local cryptocurrency community.”

With the launch, OKX claims to be the largest global cryptocurrency exchange offering Australians direct AUD deposits and withdrawals.

The release further stated that spot trading users can access 170 crypto spot pairs and 85 tokens, including Bitcoin, Ethereum, Solana, and Tether. Additionally, the Australian division of OKX intends to add tokens.

Jamie Kennedy, general manager at OKX Australia, remarked, “Australian crypto users deserve a secure, user-friendly, and responsive platform, including seamless access to banking rails and AUD pairs for the most popular cryptocurrencies.”

The Expanding Crypto-Hungry Populace of Australia

This smallest continent is mainly popular with cryptocurrency exchanges because of its crypto-hungry populace. As of July 2023, a survey by Koinly revealed that 31.6% of the Australian population possessed or possessed cryptocurrencies.

Furthermore, there has been a steady upward trend in cryptocurrency ownership in Australia since 2019, with one in every four individuals now possessing some form of digital currency.

Conversely, Australia has recently imposed greater scrutiny on cryptocurrency exchanges, requesting information from 1.2 million accounts. A crackdown on users who fail to remit their taxes in response to the growing popularity of crypto tokens.

Moreover, by the end of 2024, the nation’s market operator, ASX, plans to approve the inaugural Spot Bitcoin exchange-traded funds (ETFs). As a consequence, Australian consumers would be presented with an abundance of Bitcoin investment opportunities.