Crypto Exchange OKX Enters Australian Market, Offering Spot And Derivatives Trading

Zinger Key Points
  • Australian users can now deposit and withdraw AUD via local banks and access various trading functions on OKX.
  • Recent global expansions of OKX include launches in Türkiye, Argentina, Brazil and regulatory approvals in Singapore and Dubai.

Crypto exchange OKX on Tuesday announced the launch of its services in Australia, catering to both spot and derivatives traders, positioning it as one of the largest global exchange offering direct Australian dollar deposits and withdrawals.

What Happened: Australian users can now deposit and withdraw Australian dollars via most local banks, utilizing express buy and sell orders, peer-to-peer (P2P) and convert functions alongside spot trading.

Additionally, the platform supports fiat-to-crypto purchases through third-party services such as Simplex, MoonPay and Banxa.

OKX offers 170 crypto spot pairs, encompassing 85 tokens including Bitcoin BTC/USD, Ethereum ETH/USD, Solana SOL/USD, and Tether USDT/USD, with plans for continuous expansion of token offerings.

In anticipation of its Australian market entry, OKX established a Sydney office in May 2023 and assembled a team across management, legal, compliance, and other sectors over the past year.

Also Read: U.S. Bitcoin Spot ETFs Net $66M Inflows As Hong Kong ETFs Fall Behind

“Australian crypto users deserve a platform that is secure, easy-to-use and responsive to their needs,” said Jamie Kennedy, OKX Australia General Manager. “This includes seamless access to banking rails as well as AUD pairs for the most popular cryptocurrencies.”

The company offers OTC spot trading services to all Australian users through OKX Australia Pty Ltd., registered with the Australian Transaction Reports and Analysis Centre (AUSTRAC).

Derivatives trading, which includes futures, options, and perpetual swaps, is available exclusively to verified wholesale clients as per the Corporations Act 2001 (Cth) via OKX Australia Financial Pty Ltd.

This entity holds an Australian Financial Services (AFS) licence regulated by the Australian Securities and Investments Commission (ASIC) and is also AUSTRAC registered.

OKX had recently launched services in in Türkiye, Argentina, and Brazil and the crypto exchange had recently received regulatory approvals in Singapore and Dubai.

What’s Nextb: The global expansion of crypto exchanges will be a point of discussion at Benzinga’s Future of Digital Assets event on Nov. 19, where industry leaders will gather to explore the evolving landscape of digital finance.

Read Next: President Biden Cracks Down On Chinese-Backed Crypto Mining Facility Near U.S. Missile Base

Image: Shutterstock

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