Crypto exchange OKX is enhancing its services in Australia by establishing a locally regulated entity, OKX Australia, to cater specifically to the Australian market. This strategic move, part of the company’s broader Asia-Pacific expansion plan, promises a more secure, user-friendly platform tailored to Australian needs, including direct banking access and AUD trading pairs for popular cryptocurrencies.
OKX Australia’s general manager, Jamie Kennedy, emphasized the commitment to meeting the specific demands of Australian crypto users. The new setup will offer 170 crypto trading pairs, addressing the significant demand for cryptocurrency trading in the region.
The transition to a locally regulated operation follows OKX’s initial announcement a year ago about its intentions to deepen its presence in Australia. Since March 20, the company has shifted its operations from a Seychelles-based firm to two onshore entities. OKX Australia Pty Ltd will manage the crypto exchange and fiat services, while OKX Australia Financial Pty Ltd will oversee derivatives and margin products.
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Australian regulations require local users to pass a suitability assessment and qualify as wholesale clients under the Corporations Act 2001. Adhering to these laws, OKX has discontinued certain services, including copy trading, yield-bearing products, and trading of specific tokens, which are now only available for withdrawal.
Despite these regulatory adjustments, OKX continues to be a significant player in the global crypto market, ranking as the third-largest exchange in terms of volume. It reported a trading volume of $2.8 billion over the previous day, as per CoinGecko.
