In a major move to enhance its presence in the Asia-Pacific region, OKX, a leading cryptocurrency exchange, has launched its Australian platform under local regulation. The announcement was made by Oscar Piastri of McLaren Racing, a key sponsor of OKX, at a media event in Sydney on May 14.
Jamie Kennedy, General Manager of OKX Australia, stressed the importance of providing a secure, user-friendly platform tailored to the needs of Australian crypto users. Kennedy further states,
“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.”
Trading Options and Banking Integration
OKX’s Australian platform will feature 170 crypto trading pairs. Besides spot trading, it will also offer options trading, expanding the financial tools available to Australian traders. While spot trading will be available to all users, derivative trading will be restricted to verified wholesale clients only.
The platform also supports banking integration, allowing users to deposit and withdraw Australian Dollars [AUD] through most Australian banks. This capability ensures a smooth transition between fiat and cryptocurrency, covering 85 crypto tokens.
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Formulating a Local Team
The Australian launch follows a year after OKX set up its Sydney office, focusing on assembling a strong team in management, legal, compliance, and other critical areas. Kennedy further adds,
“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 latest launch is part of OKX’s broader strategy to grow its global footprint. Earlier this year, the company secured a virtual asset service provider license in Dubai and an in-principle license in Singapore. Additionally, OKX launched its Ethereum-based zero-knowledge Layer-2 network, X Layer, to provide its 50 million global users with access to various decentralized applications.
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