OKX Introduces Local Regulated Cryptocurrency Exchange in Australia

OKX Introduces Local Regulated Cryptocurrency Exchange in Australia

OKX exchange, one of the largest in terms of trading volume, has recently launched a new wing in Australia. The report noted that the new platform is set to operate as a regulated entity in the region.

At the same time, the report also informed that the expansion took place 12 months after the firm first shared the plans to expand to the nation.

OKX Expands Crypto Services in Australia

OKX exchange is planning to move its services to Australia as a locally regulated platform. The exchange platform noticed that the expansion to the new region has arrived as part of the expansion efforts to the Asia-Pacific region.

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President of OKX, Hong Fang, spoke with Cointelegraph claiming that Australia is an underrated market. He was attending a PR event in the country on 14th May 2024 organized in Sydney.

She further added that the dynamics around the crypto sector and consumer interest are strong in the region. As per her statement, the nation has a good fundamental customer base, the investment interest to offer since the majority of the population is well-educated and sophisticated.

At the same time, a considerable amount of investors have taken an active interest in the fintech technology of blockchains.

The Mission of OKX’s New Branch in Australia

Speaking with the reporters, Fang has noticed that OKX is looking to cater to the dynamic customer base. She noted that this particular group is inclusive of experienced traders and others who are taking an interest in digital assets but are yet to purchase their first unit. OKX further stated that it is working on opening a new office in Australia in March 2023.

The firm cited significant appetite among local investors for cryptocurrencies and marked the nation as a key growth marketplace. The trading platform has continued to offer services since 20th March and has moved from Seychelles-backed to on-shore firm operating under the title of OKX Australia Pty Ltd.

The new firm is going to take care of the exchange platform and fiat-services. OKX Australia will supervise after the derivatives and margin trading products.  

At the same time, Australian laws ensure that local investors have to complete an eligibility test in order to be verified as a wholesale client. This has remained a legal requirement for all firms operating in the nation since the approval of Corporations Act in 2001.

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OKX president also praised the efforts of the local regulators for engaging with the local investors in a transparent and open way. OKX has also talked about offering copy trading services.

OKX Exchange to Offer New Services in Australia

OKX exchange has notified the investors in Australia that the platform will remove and add cryptocurrency services as a way to ensure regulatory compliance. On this account, the copy trading services may not be available to investors.

At the same time, the platform will not offer yield-offering products and token trading as a way to operate in accordance with the local regulators.

Fang has noticed that it will refrain from sharing the details of OKX payment and banking partners. However, she noticed that it does not view any issues with the partnering firms in the same manner that prompted regulatory issues for Binance in the same region.

She further stated that the firm has ingrained a lot of upfront work into launching its new platform.

Furthermore, the executive noticed that it has been more than a year and since they are feeling at comfort; therefore, they are making a foray into the local markets.

The trading platform has remained one of the top trading platforms in the world by trading volume operating just behind Bybit and with a $2.8 billion in trading volume on the intraday as per statistics from CoinGecko.

The platform also shared the launch of their Australian platform on X platform noting that it has added AUD in on ramps and spot trading pair.

Author: Isacco Genovesi

Isacco writes news articles, reviews and guides about cryptocurrencies including technical analysis, blockchain events, coin prices marketcap and detailed reviews on crypto exchanges and trading platforms.

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