Crypto exchange and Web3 technology company OKX has launched its cryptocurrency exchange services in Australia. The platform now facilitates spot trading for all users and derivatives trading exclusively for verified wholesale clients in Australia.

According to the official press release, with this launch, OKX becomes the largest global cryptocurrency exchange to offer direct Australian Dollar (AUD) deposits and withdrawals to Australian users. Australian users of OKX now have the ability to deposit and withdraw AUD via most Australian banks, alongside access to express buy/sell, peer-to-peer (P2P), and conversion functions, in addition to spot trading. Furthermore, users can purchase cryptocurrencies with fiat through third-party platforms such as Simplex, MoonPay, and Banxa.

OKX Australia provides access to a total of 170 cryptocurrency spot pairs and 85 tokens, including cryptocurrencies such as Bitcoin, Ethereum, Solana, and Tether (USDT), with plans for continual token listings. In anticipation of its expansion into the Australian market, OKX established an office in Sydney in May 2023 and assembled a team of professionals specialising in management, legal, compliance, and other relevant areas over the past year. OKX offers over-the-counter (OTC) spot trading services to all users in Australia through OKX Australia Pty Ltd., a locally incorporated entity registered with AUSTRAC.

However, derivatives trading services, including futures, options, and perpetual swaps, are exclusively available to verified wholesale clients who meet the relevant regulatory requirements, conducted through OKX Australia Financial Pty Ltd. This entity holds an Australian Financial Services (AFS) licence regulated by ASIC and is also AUSTRAC registered. Representatives from OKX Australia talked about the platform's commitment to providing Australian users with a secure, user-friendly, and responsive trading experience.

They also highlighted the importance of seamless access to banking services and AUD pairs for cryptocurrencies, underscoring the platform's focus on compliance and security. A word on transparency In line with its commitment to transparency, OKX has been regularly publishing monthly Proof of Reserves to verify the full backing of user funds held on the platform. In essence, through open-source verification tools, users can independently verify that their assets are backed by OKX reserves.

Since introducing Proof of Reserves in late 2022, OKX has consistently published monthly snapshots for 18 consecutive months, contributing to the adoption of improved reporting standards within the industry. OKX has also recently expanded its operations to Turkey, Argentina, and Brazil. The platform obtained In-Principle Approval for a Major Payment Institution (MPI) license in Singapore and secured its Virtual Asset Service Provider (VASP) license in Dubai.

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