OKX officially launches crypto exchange in Australia
Quick Take
- OKX will offer spot trading services to all Australian users, while derivatives trading will be available only to verified wholesale customers, the company said.
- In April, OKX was the third-largest crypto exchange in the world by monthly trading volume, according to The Block’s data.
OKX has officially launched its spot and derivatives crypto trading platform in Australia, the company announced on Tuesday.
OKX said in a statement that it will offer spot trading services to all Australian users, while derivatives trading will only be available for verified wholesale clients. Its users in Australia can also deposit and withdraw AUD through most Australian banks to gain access to a total of 85 crypto tokens, or 170 crypto spot pairs.
“I don’t think there’s actually any global product or platform that is operating in Australia locally that can offer either derivative products to the wholesale space and or a strong, self-custody wallet,” said OKX President Hong Fang, in an interview with The Block. “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.”
The OKX’s president added that Australian regulators have provided a sophisticated and transparent regulatory framework. “We feel like Australia is a good market where we can continue to invest from that perspective.”
The launch comes a year after OKX established its Sydney office to assemble its team in management, legal, compliance and other specialties. “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,” said Jamie Kennedy, general manager of OKX Australia.
The crypto platform has been expanding its global presence, obtaining the virtual asset service provider license in Dubai and an in-principle license in Singapore earlier this year. Last month, OKX launched its own Ethereum-based zero-knowledge Layer 2 network named X Layer to give its 50 million global users access to various decentralized applications.
OKX was the world’s third-largest crypto exchange by monthly trading volume in April, following only Binance and Bybit, and generated over $110.7 billion in trading in the month, according to The Block's data dashboard.
Update: Added comments from OKX’s president.
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