OKX, a leading digital asset exchange, has officially launched its operations in Australia. This comes a year after the company established an office in Sydney in May 2023. The launch will allow spot trading for all users and derivatives trading for verified wholesale clients in Australia. OKX’s expansion into Australia aims to provide a trusted and compliant gateway to crypto trading and decentralized finance (DeFi).
The company’s Australian launch is part of its long-term commitment to the market and its goal to better serve the local crypto community. OKX claims to be the largest global crypto exchange offering direct AUD deposits and withdrawals to Australians. Currently, spot trading users have access to 170 crypto spot pairs and 85 tokens, including Bitcoin, Ethereum, Solana, and Tether. The Australian arm of OKX plans to add more tokens in the coming months.
Australia’s growing population of crypto enthusiasts is one of the key factors that attracted OKX to the country. A survey conducted by Koinly revealed that 31.6% of Australians held or had held crypto as of July 2023. Additionally, crypto ownership in Australia has been consistently increasing since 2019, with one in four adults owning some type of cryptocurrency.
However, Australia has recently increased its scrutiny of crypto exchanges, demanding data from 1.2 million accounts to crack down on users who fail to pay their taxes. On the positive side, the country’s market operator, ASX, is looking to approve the first-ever Spot Bitcoin exchange-traded funds (ETFs) by the end of 2024. This is expected to lead to a surge in Bitcoin investment options for Australian users.
Overall, OKX’s entry into the Australian market is a significant move that will provide Australian crypto users with a secure and user-friendly platform. The company aims to meet the needs of the local market, including seamless access to banking services and AUD pairs for popular cryptocurrencies.