Key Takeaways:
- OKX Expansion in Australia: OKX has launched a regulated entity in Australia, aiming to enhance its service offerings in the Asia-Pacific region, with a focus on meeting local demands such as AUD trading pairs and streamlined banking interfaces.
- Regulatory Compliance and Changes: The launch involves adherence to Australian financial regulations, requiring users to qualify as wholesale clients and leading to the discontinuation of specific services like copy trading and yield-bearing products.
- Growth and Market Position: With a daily trading volume of $2.8 billion, OKX is reinforcing its position as a major global cryptocurrency exchange, targeting growth markets like Australia where there is significant demand for crypto investments.
Twelve months after announcing plans to expand in Australia, OKX, a leading crypto exchange, has launched a locally regulated entity aimed at enhancing its services across the Asia-Pacific.
This strategic move underlines OKX’s commitment to providing Australian users with a robust, easy-to-use platform that meets their specific needs, including streamlined access to banking interfaces and AUD trading pairs for leading cryptocurrencies.
Breaking news on OKX down under, announced by McLaren Racing driver @OscarPiastri 🧡
— OKX (@okx) May 14, 2024
We've officially launched OKX exchange services in Australia 🇦🇺 @OKXAustralia
We're now the largest global crypto exchange offering AUD on ramps & spot trading pairs. pic.twitter.com/aAyBmLFLtd
The newly formed entity will offer an extensive range of trading options, with 170 crypto trading pairs now accessible to Australian customers.
Previously based in Seychelles, OKX’s Australian operations have transitioned to the on-shore entities OKX Australia Pty Ltd, which manages the crypto exchange and fiat services, and OKX Australia Financial Pty Ltd, responsible for derivatives and margin products.
To comply with Australian regulations, local users must pass a suitability assessment and qualify as a wholesale client under the Corporations Act 2001.
OKX officially launches crypto exchange in Australia https://t.co/988Pgra8M0
— The Block (@TheBlock__) May 14, 2024
This adaptation to local laws has also led OKX to discontinue certain services such as copy trading, yield-bearing products, and trading of specific tokens, which have been restricted to withdrawal only since March 20.
The establishment of its regulated Australian entity underscores OKX’s positioning as a key player in the global cryptocurrency market, currently ranked third in trading volume.
With $2.8 billion in transactions recorded over the past day, according to CoinGecko, OKX continues to focus on growth markets like Australia, driven by a significant demand for cryptocurrency investment opportunities in the region.
This initiative reflects OKX’s ongoing efforts to adapt and comply with the diverse regulatory environments across the globe, ensuring a secure and compliant trading experience for its users.
About The Author
Fleming Airunugba, a seasoned Web3 and crypto content expert, leverages his deep understanding of blockchain technology to bring the latest and most impactful news to the crypto community.
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