OKX Launches Crypto Exchange Services in Australia: Details

May 14, 2024

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OKX, a leading global crypto exchange and Web3 technology company, has officially expanded its services into Australia, marking a significant milestone in its global expansion strategy.

The exchange now offers spot trading for all users and derivatives trading for verified wholesale clients in Australia, making it the largest global crypto exchange to provide direct AUD deposits and withdrawals to Australian users.

OKX Partners with Australian Banks

Users in Australia can now access a wide range of services, including spot trading, express buy/sell, P2P trading, and convert functions, all available in AUD. OKX has partnered with most Australian banks to facilitate seamless AUD deposits and withdrawals, providing users with enhanced convenience and accessibility.

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Additionally, users can purchase cryptocurrencies with fiat through third-party platforms like Simplex, MoonPay, and Banxa.

Diverse Selection of 170 Pairs

Spot trading users on OKX Australia have access to a diverse selection of 170 crypto spot pairs and a total of 85 tokens, including popular cryptocurrencies like Bitcoin, Ethereum, Solana, and Tether (USDT).

The exchange plans to continuously expand its token offerings to cater to the evolving needs of Australian users. The exchange said that it was discontinuing support for Tether (USDT) trading pairs in Europe Economic Area.

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To prepare for its entry into the Australian market, OKX established an office in Sydney in May 2023 and assembled a team of experts in various fields, including management, legal, compliance, and customer support.

The company is committed to further investing in the Australian crypto ecosystem and contributing to its growth and development.

OKX Australia Operates Under 2 Entities

OKX Australia operates under two locally incorporated entities: OKX Australia Pty Ltd. and OKX Australia Financial Pty Ltd. OKX Australia Pty Ltd. offers OTC spot trading services to all users and is registered with AUSTRAC.

Meanwhile, derivatives trading services, including futures, options, and perpetual swaps, are provided by OKX Australia Financial Pty Ltd. to verified wholesale clients who meet regulatory requirements and hold an Australia Financial Services (AFS) license regulated by ASIC.

Commitment to Provide a User-Friendly Platform

Jamie Kennedy, General Manager of OKX Australia, emphasized the company’s commitment to providing Australian users with a secure, user-friendly platform. He highlighted OKX’s focus on compliance and security to ensure the safety of user funds. Kennedy expressed confidence in the local team’s ability to contribute to Australia’s crypto industry.

OKX’s dedication to transparency is evident through its monthly publication of Proof of Reserves, validating the full backing of user funds on the platform. OKX has been a pioneer in driving the adoption of improved reporting standards in the crypto industry and has consistently demonstrated its commitment to user trust and security.

With its expansion into Australia, the exchange continues to strengthen its global presence, following recent launches in Türkiye, Argentina, and Brazil. The exchange has also received regulatory approvals in Singapore and Dubai, further solidifying its position as a trusted and innovative player in the crypto industry.