OKX, the world’s leading digital asset exchange, has officially launched in Australia, one year after opening an office in Sydney in May 2023. The launch, announced Tuesday, will enable all users to trade and trade derivatives with verified wholesale customers in Australia.
The move comes a few months after a subsidiary of the exchange received approval in principle for a payment license to operate in Singapore. The exchange also began operations in Turkey in February this year.
In addition to the expansion frenzy, Australia’s premier OKX aims to provide a reliable, compliant and transparent gateway to cryptocurrency trading and decentralized finance (DeFi).
„As part of our long-term commitment to the Australian market, we look forward to further enhancing our offering to better serve the local crypto community,” the exchange wrote on X.
With the launch, OKX claims to be the largest global cryptocurrency exchange offering direct deposits and withdrawals in AUD to Australians.
Currently, spot trading users have access to 170 crypto pairs and a total of 85 tokens, including Bitcoin, Ethereum, Solana and Tether, the announcement added. The Australian arm of OKX plans to add more tokens in the coming months.
„Australian cryptocurrency users deserve a secure, easy-to-use and responsive platform that includes seamless access to banking rails, as well as AUD pairs for the most popular cryptocurrencies,” Jamie Kennedy, CEO of OKX Australia.
Australia’s growing population hungry for cryptocurrencies
One of the key reasons why cryptocurrency exchanges are choosing this smallest of continents is the percentage of the population thirsting for cryptocurrencies. According to a survey conducted by Koinly, as many as 31.6% of Australians own or have owned cryptocurrencies as of July 2023.
Moreover, the number of cryptocurrencies in Australia has been steadily increasing since 2019, such that 1 in 4 adults owns some type of cryptocurrency.
On the other hand, Australia recently stepped up scrutiny of cryptocurrency exchanges, demanding data from 1.2 million accounts. This was a move to crack down on users who do not pay taxes due to the growing interest in cryptocurrency tokens.
What’s more, ASX, the country’s market operator, wants to approve the first-ever Bitcoin ETFs by the end of 2024, which would result in an increase in Bitcoin investment options among Australian users.
