OKX Expands Into The Australian Market

Leading exchange enters Australian market with comprehensive trading services and banking integration.

OKX Expands Into The Australian Market
Photo by Stephen Tafra / Unsplash

OKX, one of the leading cryptocurrency exchanges globally, has announced the official launch of its spot and derivatives trading platform in Australia. The company revealed that it will provide spot trading services to all Australian users, with derivatives trading reserved exclusively for verified wholesale clients.

Jamie Kennedy, General Manager of OKX Australia, stated the importance of delivering a secure and user-friendly platform designed specifically to cater to the requirements of Australian cryptocurrency enthusiasts:

"Australian crypto users deserve a platform that is secure, easy-to-use, and responsive to their needs, which include seamless access to banking rails as well as AUD pairs for the most popular cryptocurrencies. It’s my job to make sure that while we offer the best product, we also invest in compliance and security to give peace of mind to our users."

The Australian platform of OKX will boast an extensive array of 170 crypto trading pairs, catering to both spot trading and options trading. While spot trading functionality will be accessible to all users, derivative trading will be reserved exclusively for verified wholesale clients.

A noteworthy feature of the platform is its banking integration, facilitating seamless deposits and withdrawals in Australian Dollars (AUD) through most Australian banks. This integration ensures smooth fiat-to-crypto transitions, covering a wide spectrum of 85 crypto tokens.

The launch in Australia comes a year after OKX established its Sydney office, focusing on assembling a skilled team across various domains such as management, legal, and compliance. Jamie Kennedy, General Manager of OKX Australia, expressed pride in the progress, stating, "I’m proud to say we have assembled a great local team that will ensure OKX contributes to Australia’s crypto industry for years to come."

The crypto platform has been expanding its global presence, obtaining the virtual asset service provider license in Dubai and an in-principle license in Singapore earlier this year. Last month, OKX launched its own Ethereum-based zero-knowledge Layer 2 network named X Layer to give its 50 million global users access to various decentralized applications.