OKX, a crypto exchange is moving its Australian services under local regulation aiming to provide secure platforms for users.
The cryptocurrency exchange OKX is moving its services focused on Australia under the jurisdiction of a locally regulated entity as part of its development efforts in the Asia-Pacific region.
During a media event in Sydney on May 14, Oscar Piastri, who is a member of McLaren Racing and one of OKX’s primary sponsors made the formal announcement.
OKX To Launch Australia Exchange
Jamie Kennedy, general manager of OKX Australia shared a statement saying, “Australian crypto users deserve a platform that is secure, easy to use, and responsive to their needs.”
These needs include seamless access to banking rails as well as AUD pairs for the most popular cryptocurrencies,” Kennedy said.
According to the exchange, consumers in Australia will have access to 170 different cryptocurrency trading pairings. Kennedy mentioned that in addition to spot trading, options trading would also be open to buyers and sellers.
According to the exchange president, Hong Fang, the country of Australia provides the company with a “dynamic customer base.” This customer base includes both sophisticated traders and other individuals who are interested in cryptocurrency but have not yet taken the initial step.
The exchange informed that it would be opening an office in Australia in March of the previous year. OKX explained that there was a “huge appetite” for cryptocurrency, and that it considered Australia to be “a key growth market.
OKX Australia Pty Ltd, which handles the cryptocurrency exchange and fiat services side and OKX Australia Financial Pty Ltd, which handles its derivatives and margin products, have taken over the exchange’s Australian-focused services since March 20.
However, according to the Corporations Act 2001, local users are required to satisfy the definition of a wholesale customer and pass a suitability assessment in order to be considered a wholesale client.
This compliance is a legal obligation. Despite the challenges posed by the regulatory bodies, Fang praised the Australian authorities for their open and transparent engagement with them.
Furthermore, to adhere to the local jurisdiction’s regulations, OKX has had to cease its copy trading, yield-bearing products, and the trading of specific tokens.
Since March 20th, only unsupported tokens have been available for withdrawal. CoinGecko reports that the exchange handled $2.8 billion worth of transactions during the course of the previous day, making it the third-largest in the world in terms of volume, behind only Bybit.