Seychelles-based crypto exchange OKX has signalled its intention to expand its crypto services to Australia, which it believes is poised to lead the next phase of cryptocurrency adoption.
The trading platform stated on March 29 that Australia would be a critical development market for the company. Providing services in more than 100 countries, OKX expanded its operations to Malta in August 2018 and obtained a provisional licence in Dubai in July 2018.
“We see Australia as an indispensable part of this strategy and a key growth market. With such a strong uptake of crypto in Australia already, we’re committed to the local market and aim to build a strong local office,” the company said.
BIG NEWS 🚨
Super excited to announce that OKX will be opening an office in Australia! 🇦🇺
We had an awesome time celebrating in Melbourne with OKX partners @danielricciardo, @scottyjames31, and McLaren F1 driver @oscarpiastri.
Find out more 👉 https://t.co/Sg3rGvSjhD pic.twitter.com/FpmSOhLvXt
— OKX (@okx) March 29, 2023
OKX’s chief marketing officer, Haider Rafique, said that the decision to expand “Down Under” was motivated by the “huge appetite” of Australians for more crypto investment and trading products.
Rafique thinks Australians are ahead of the curve in understanding crypto, which he believes will make it easier for OKX to get into the market.
“They’re pretty familiar with crypto, the value of blockchain, the promise that it holds in the future, and I think from us as a company, it makes it really intriguing for us to extend our services in this market,” he said, adding, “I think the value creation we can do for Australians will ultimately lift all boats.”
The Australian cryptocurrency exchange Swyftx conducted a survey in September, and the results showed that about 1 million Australians, or 4% of the country’s population, are likely to enter the crypto market for the first time in the next year.
Rafique expressed his admiration for Australia’s crypto startup ecosystem.
Celebrations in Melbourne are in full swing as #OKX announced opening our office in Australia! 🇦🇺
Big s/o to OKX partners @danielricciardo, @scottyjames31, @oscarpiastri, our team & frens for joining the fun 🏆 pic.twitter.com/m9rvVOmwYq
— OKX (@okx) March 29, 2023
The trading company is believed to have not yet registered with AUSTRAC, a prerequisite for offering cryptocurrency services in Australia.
OKX couldn’t say where the Australian office would be or how big the team would be at this time. LinkedIn indicates that OKX currently employs more than 1,750 people.
Rafique affirmed that OKX is applying for a Virtual Asset Service Provider (VASP) licence in Hong Kong.
OKX said it would stop serving Canadians in June, so now it is moving into Australia and Hong Kong.