Crypto exchange OKX launches local regulated entity in Australia
Crypto exchange OKX is moving its Australian-focused services under a locally regulated entity as part of its expansion efforts through the Asia-Pacific region.
Oscar Piastri of McLaren Racing — one of OKX’s main sponsors —officially announced the news at a media event in Sydney on May 14.
“Australian crypto users deserve a platform that is secure, easy-to-use and response to their needs, which include seamless access to banking rails as well as AUD pairs for the most popular cryptocurrencies,” OKX Australia general manager Jamie Kennedy said in a statement shared with Cointelegraph.
170 crypto trading pairs will be available to Australian users, OKX noted.
Options trading would also be available in addition to spot trading, Kennedy noted.
OKX president Hong Fang says Australia offers a “dynamic customer base” for the firm, including both sophisticated traders and others that are interested in crypto but haven’t taken the first step yet.
OKX told Cointelegraph it was opening an Australian office in March last year, explaining there was a “huge appetite” for crypto and it saw the country as “a key growth market.”
The exchange’s Australian-focused services since March 20 moved from a Seychelles-based firm to the on-shore entities OKX Australia Pty Ltd which handles the crypto exchange and fiat services side, and OKX Australia Financial Pty Ltd which handles its derivatives and margin products.
However, Australian laws dictate that local users must pass a suitability assessment and meet the definition of a wholesale client — a legal requirement under the Corporations Act 2001.
Despite the regulatory hurdles, Fang praised Australian regulators for engaging with them in an open and transparent manner.
Related: Australia’s top exchange may approve spot Bitcoin ETFs this year: Report
OKX has also had to stop offering its copy trading, yield-bearing products and trading of some tokens to comply with local laws. Unsupported tokens have been withdrawal-only since March 20.
The exchange is the third-largest in the world by volume behind Bybit, seeing $2.8 billion in volume over the past day, according to CoinGecko.
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