Significant developments continue to emerge in the crypto market. Crypto exchange OKX is moving its Australia-focused services under a locally regulated entity as part of its expansion efforts across the Asia-Pacific region. Oscar Piastri from McLaren Racing, one of OKX’s main sponsors, officially announced the news at a media event in Sydney on May 14.
Important Step by OKX Team
OKX Australia General Manager Jamie Kennedy made the following statement regarding the matter:
“Australian crypto users deserve a platform that is secure, easy to use, and meets their needs, offering seamless access to banking rails and AUD pairs for the most popular cryptocurrencies.”
OKX stated that 170 crypto trading pairs will be offered to Australian users. Kennedy announced that in addition to spot trading, options trading will also be available on the platform.
OKX President Hong Fang said that Australia offers a dynamic customer base for the firm, including both experienced investors and others interested in crypto but yet to take their first step. OKX announced last March that it would open an office in Australia, stating there is a significant appetite for crypto and viewing the country as an important growth market.
Noteworthy Details for OKX
The exchange’s Australia-focused services have been moved from a Seychelles-based firm to OKX Australia Pty Ltd, which manages the crypto exchange and fiat services side, and OKX Australia Financial Pty Ltd, which handles futures and margin products, since March 20.
However, Australian laws require local users to undergo an eligibility assessment and meet the definition of wholesale customer, a legal requirement under the 2001 Corporations Act.
Despite regulatory hurdles, Fang praised Australian regulators for working with them openly and transparently. OKX also had to cease offering copy trading, yield-generating products, and some token pairs to comply with local laws. Unsupported tokens have been subject to withdrawal only since March 20. According to CoinGecko, the exchange became the world’s third-largest by volume after Bybit, achieving a volume of $2.8 billion in the past day.
