Crypto Exchange OKX Officially Debuts in Australia

• OKX, a leading digital asset exchange, has officially launched its operations in Australia.
• This move comes after the exchange received in-principle approval for a payments license in Singapore.
• With this launch, OKX aims to provide a trusted, compliant, and transparent gateway to crypto trading and decentralized finance (DeFi) in Australia.

OKX, a major player in the crypto exchange market, has expanded its operations to Australia, providing users with a secure and easy-to-use platform for crypto trading and DeFi.

OKX’s Expansion into Australia

OKX has officially launched its operations in Australia, a year after it established an office in Sydney in May 2023. The launch would enable spot trading for all users and derivatives trading for verified wholesale clients in Australia. This move comes months after the exchange’s subsidiary received in-principle approval for a payments license to operate in Singapore. The exchange also launched its operations in Turkey in February 2024. OKX’s Australian launch aims to provide a trusted, compliant, and transparent gateway to crypto trading and decentralized finance (DeFi).

Australia’s Growing Crypto Market

Australia has seen a significant increase in crypto ownership since 2019, with 1 in 4 adults owning some type of cryptocurrency. A survey from Koinly reported that as many as 31.6% of Australians held or had held crypto as of July 2023. However, the Australian government has intensified scrutiny on crypto exchanges recently, demanding data from 1.2 million accounts in a move to crackdown on users failing to pay their taxes amid a rising interest in crypto tokens.

The Future of Crypto in Australia

ASX, the country’s market operator, is planning to approve the first-ever Spot Bitcoin exchange-traded funds (ETFs) by the end of 2024. This would potentially trigger a surge in Bitcoin investment options among Australian users. With OKX’s entry into the Australian market, users will have access to 170 crypto spot pairs and a total of 85 tokens including Bitcoin, Ethereum, Solana, and Tether. The OKX’s Australian arm plans to add more tokens in the coming months.

Conclusion

OKX’s expansion into Australia marks a significant development in the country’s crypto market. With a growing interest in cryptocurrencies among Australians and the potential approval of the first-ever Spot Bitcoin ETFs, the future of crypto trading in Australia looks promising. As more exchanges like OKX continue to expand their operations, users will have more options for secure and compliant crypto trading.