The popular cryptocurrency exchange platform OKX continues to expand its global footprint. This time, it announced the launch of its regulated platform in Australia. The information was shared early this morning, May 14th, during an event in Sydney by Oscar Piastri of McLaren Racing, one of OKX's major sponsors.
OKX Officially Sets Up Shop in Australia
To align with Australian regulations, OKX has released a brand-new platform that will be under the leadership of Jamie Kennedy, CEO of OKX Australia. During the announcement, Kennedy emphasized the importance he feels in offering a secure and user-friendly platform, perfectly tailored for Australian users, stating:
“Australian crypto users deserve a platform that is secure, easy to use and complies with local laws, with access to the features they need, transparent AUD-crypto pricing and access to the banking system.”
He also highlighted OKX’s commitment to compliance and security to ensure the peace of mind of its users.
Features of the OKX Australia Platform
OKX arrives in Australia with a well-equipped new exchange platform. It will offer 170 crypto pairs, including stars like Bitcoin, Ethereum, Solana, and USDT. They don't plan to stop there, as they plan to regularly add new tokens to the list.
👉 ICYMI: we've launched our spot & derivatives crypto trading platform in Australia.
— OKX (@okx) May 14, 2024
This marks another significant milestone in getting closer to our customers & investing long-term in the region.
📰 Read more on @TheBlock__: https://t.co/2TceRes637 pic.twitter.com/0f09tCEULR
In addition to spot trading, there will also be options trading in order to expand the range of financial tools for Australian traders. Spot trading will be accessible to everyone, while derivatives trading will be reserved for verified institutional clients.
Also, users will be able to deposit and withdraw Australian dollars via most local banks and have access to express buy/sell, P2P, conversion functions, and spot trading.
Finally, after a year of preparation, between opening an office in Sydney and assembling a team of professionals, they have all the tools for a perfect launch. OKX Australia Pty Ltd, which has received all necessary authorizations from AUSTRAC, will be in charge of managing spot crypto exchanges. As for derivatives products, OKX Australia Financial Pty Ltd will handle them, with an AFS license regulated by ASIC.
Pursuit of a Global Expansion Strategy Despite Regulatory Challenges
OKX has just arrived in Australia, but this is just the tip of the iceberg as they are already setting up in Dubai and Singapore, not to mention the launch of X Layer, their new Ethereum-based service.
Of course, for the sake of compliance with local regulations, they have had several hitches and negotiations with Australian laws, in order to ensure that those who want to get involved with derivatives products know more or less what they are doing.
Fang from OKX also complimented Australian regulators for their openness and clarity. He said they had spent an eternity preparing for the launch to avoid any unpleasant surprises. Thus, starting March 20th, OKX transferred all of its operations from Seychelles to local companies (OKX Australia Pty Ltd and OKX Australia Financial Pty Ltd).
It is now evident that OKX is not doing things by halves to make a name for itself in the Australian crypto market. However, Fang refrained from discussing OKX's banking and payment partners in detail during its internship but told a popular crypto magazine that they did not anticipate issues with their partners as was the case with rival cryptocurrency exchange Binance in Australia.
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