Coinspeaker
OKX Crypto Exchange Officially Launches in Australia
OKX may have just expanded its global footprint following the official launch of its spot and derivatives crypto trading platform in Australia. The firm, which is arguably one of the world’s biggest crypto exchanges, made the announcement on Tuesday, revealing its plans to offer a wide array of services to local users.
According to OKX, the new platform will provide spot trading services to all Australian users. However, derivatives trading will be exclusively available to verified wholesale clients alone, the company said.
Another benefit that the newly launched platform will bring to Australian users is that now they may enjoy the convenience of depositing or withdrawing the Australian dollar (AUD) through most local banks. OKX also confirms that users of the platform will immediately have access to a total of 85 crypto tokens or 170 crypto spot pairs.
For what it’s worth, OKX has been strategically putting together a well-rounded team since last year. That is after the company established its office in Sydney – Australia’s capital city. The company had hoped to assemble a team that would be well-versed in management, legal duties, as well as compliance.
Going by a recent statement by Jamie Kennedy, the General Manager of OKX Australia, it appears that the goal has now been achieved. Expressing his delight about how things have turned out, Kennedy said:
“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.”
OKX Australia: A Step towards Much Bigger Global Ambitions
While the latest development signals OKX’s unwavering commitment to contributing to Australia’s fast-growing crypto industry, there is a larger picture. In recent months, the crypto platform has been making efforts to expand its global presence.
To put the above statement into perspective, the exchange secured a Virtual Asset Service Provider (VASP) license in Dubai and also bagged an in-principle license in Singapore in early 2024.
In yet another expansion move, OKX introduced its Ethereum-based zero-knowledge Layer 2 network, dubbed X Layer, in April. The initiative aims to bring access to a diverse range of decentralized applications to its large user base.
As of now, OKX boasts an extensive global user base that exceeds 50 million. It recently emerged as the world’s third-largest crypto exchange by monthly trading volume. In April, it ranked third with $110.7 billion in trading volume, following just behind Binance and Bybit.
The launch of the new platform in Australia certainly does well for OKX as it continues its bid to solidify its position as a key player in the crypto market. However, it also goes a long way in growing its user base across the globe.
