OKX has announced the launch of its crypto exchange services in Australia, including spot trading for all users and derivatives trading exclusively for verified wholesale clients.
According to the firm, OKX is now the largest global crypto exchange to offer direct AUD deposits and withdrawals to Aussies. Australian users can also access express buy/sell, P2P, and convert functions, alongside fiat purchases via third parties.
The launch follows the opening of an OKX office in Sydney in May 2023 and the establishment of a local team of experts in management, legal, and compliance.
OKX aimed to officially launch crypto services in Australia in 2023, just a few months after the Sydney office announcement, but the plan got delayed. The crypto exchange finally launched this month, one year later.
Jamie Kennedy, General Manager of OKX Australia, emphasised the importance of providing a secure and user-friendly platform with seamless banking integration and AUD trading pairs.
“Australian crypto users deserve a platform that is secure, easy-to-use and responsive to their needs, which includes 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. 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.”
OKX publishes monthly Proof of Reserves, allowing users to verify the backing of their assets.
The exchange offers 170 spot pairs and 85 tokens, including Bitcoin, Ethereum, Solana, and Tether (USDT). However, OTC spot and crypto derivatives are executed by two different entities.
In Australia, OTC spot trading services are provided by OKX Australia Pty Ltd., registered with AUSTRAC. Derivatives trading services are available to verified wholesale clients through OKX Australia Financial Pty Ltd., which holds an AFS licence regulated by ASIC and is also AUSTRAC registered.