OKX, a top cryptocurrency exchange, and Web3 technology company announced on Tuesday that it had launched its crypto exchange services in Australia. In its statement, OKX mentioned that only verified wholesale customers can trade derivatives. However, all Australian users can access spot (buy and sell) activities. Users in Australia can also deposit and withdraw AUD through most banks. This makes OKX the largest global crypto exchange that offers such services.

Users can still purchase crypto with fiat via third-party platforms such as Simplex, Banxa, and MoonPay. As for now, the spot trading users have access to 170 crypto spot pairs and a total of 85 tokens, including Bitcoin, Ethereum, Solana, and Tether (USDT)

In an interview with The Block, OKX President Mr. Hong Fang said,

“I don’t think any global product or platform operating in Australia locally can offer derivative products to the wholesale space and a strong self-custody wallet. ” He added, “We feel strongly about bringing responsible innovations to markets, and the product innovations in trading and self-custody are valuable things that we can bring to Australia.” 

Australia’s emphasis on regulatory compliance

The OKX’s president praised the Australian regulatory agencies for providing a refined and transparent regulatory framework: “We feel like Australia is a good market where we can continue to invest from that perspective.” In May 2023, OKX opened an office in Sydney as one of its preparations for entering the Australian market. They gathered their team in management, legal, compliance, and other specialists. 

“Australian crypto users deserve a secure, easy-to-use platform responsive to their needs, including seamless access to banking rails and AUD pairs for the most popular cryptocurrencies. It’s my job to ensure 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 to ensure OKX contributes to Australia’s crypto industry for years to come.” said OKX’s Australian General Manager, Jamie Kennedy.

OKX Australia Pty Ltd, a locally integrated entity registered under AUSTRAC, offers OTC spot trading services to all users in Australia. However, derivatives trading services will only be offered to verified clients. These clients should meet the Corporations Act 2001 9Cth definition via Australian Financial Pty Ltd.

OKX was among the first cryptocurrency companies to publish monthly Proof of Reserves to show its full backing of users’ funds on the platform. Users can check on their own if their assets are backed by OKX reserves using open-source verification tools. KX has published 18 consecutive monthly snapshots since launching Proof of Reserves in late 2022. 

Earlier this year, the cryptocurrency platform secured a virtual asset service provider license in Dubai and an in-principle license in Singapore, boosting its global presence. Last month, OKX launched its Ethereum-based zero-knowledge Layer 2 network, X Layer. This new development gives its 50 million global users access to decentralized applications.

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