OKX, a prominent digital asset exchange on the global stage, has formally commenced its operations in Australia, marking a significant milestone following the establishment of its Sydney office in May 2023.
The announcement made on Tuesday unveils the initiation of spot trading services for all users and derivatives trading exclusively tailored for verified wholesale clients within Australia.
This development comes on the heels of the exchange’s subsidiary securing provisional approval for a payments license in Singapore several months ago. Furthermore, OKX expanded its operations into Turkey earlier this February.
In line with its ambitious expansion strategy, OKX’s entry into the Australian market aims to establish a reliable, compliant, and transparent avenue for cryptocurrency trading and decentralized finance (DeFi).
Expressing their dedication to the Australian market, OKX stated, “We are committed to continually enhancing our services to better cater to the needs of the local crypto community.”
With this launch, OKX asserts itself as the largest global crypto exchange facilitating direct AUD deposits and withdrawals for Australian users.
Presently, spot trading users can access a diverse range of 170 crypto spot pairs, encompassing a total of 85 tokens, including popular options like Bitcoin, Ethereum, Solana, and Tether. Additionally, OKX’s Australian division intends to introduce more tokens in the forthcoming months.
Jamie Kennedy, General Manager at OKX Australia, emphasized, “Australian crypto users deserve a platform that prioritizes security, user-friendliness, and responsiveness, offering seamless access to banking channels alongside AUD trading pairs for leading cryptocurrencies.”
Australia’s Growing Crypto-Hungry Population
One of the primary factors motivating crypto exchanges to target this relatively small continent is the voracious appetite for cryptocurrency among its population. According to a survey by Koinly, as of July 2023, a striking 31.6% of Australians either currently hold or have previously held cryptocurrency.
Moreover, cryptocurrency ownership in Australia has exhibited a consistent upward trajectory since 2019, with approximately 1 in 4 adults now possessing some form of digital currency.
Conversely, Australia has recently heightened its scrutiny of crypto exchanges, requesting data from 1.2 million accounts. This crackdown aims to address tax evasion among users amidst the surging popularity of crypto assets.
Furthermore, the Australian Securities Exchange (ASX), the nation’s premier market operator, is poised to greenlight the first-ever Spot Bitcoin exchange-traded funds (ETFs) by the close of 2024. This approval is anticipated to catalyze a significant increase in Bitcoin investment opportunities for Australian investors.
