OKX announced the official launch of its cryptocurrency exchange in Australia, offering spot and derivative trading services. While spot trading is open to all users in the country, only verified wholesale clients are eligible for derivative trading.

Entering Australia

OKX's spot cryptocurrency trading services list 85 tokens, comprising 170 cryptocurrency pairs, with a commitment to "continuously expand" the number of tokens available.

The cryptocurrency exchange further emphasizes that the launch of local services in Australia will enable users in the country to access Australian dollars (AUD) through local banking, as well as peer-to-peer (P2P) and cryptocurrency conversion functionalities. Additionally, the exchange allows users to purchase cryptocurrencies through third-party platforms Simplex, MoonPay, and Banxa.

Jamie Kennedy, OKX's General Manager in Australia, stated: "Cryptocurrency users in Australia need a platform that is secure, easy to use, and responsive to their needs, including seamless access to banking systems and AUD trading pairs for the most popular cryptocurrencies."

Compliance with local regulations

The formal launch of the cryptocurrency exchange comes one year after the establishment of its local office in Sydney. The platform provides spot cryptocurrency trading services locally through OKX Australia Pty Ltd entity, registered with AUSTRAC, while derivative trading is provided by Australia Financial Pty Ltd, which holds an Australian Financial Services License and is registered with AUSTRAC.

Kennedy emphasized the importance of compliance, stating: "My job is to ensure that we invest in compliance and security to reassure our users while offering the best products."

In addition to Australia, OKX is expanding into other regions. The exchange has received preliminary approval in Singapore and obtained a cryptocurrency license in Dubai. It has also launched services in Turkey, Argentina, and Brazil. Meanwhile, due to "local regulations," OKX has withdrawn its services in India.