Crypto News – Crypto Exchange OKX Sets Foot in Australia with New Regulated Arm

Crypto Exchange OKX Receives Green Light for Australian Operations

Crypto News- McLaren Racing’s Oscar Piastri made waves in Sydney today, unveiling OKX’s strategic move to anchor its Australian operations within a locally regulated entity. The announcement underscores OKX’s commitment to fortifying its presence across the Asia-Pacific region.

OKX President Hong Fang: Australia’s Untapped Potential and Regulatory Compliance

In a candid interview with Cointelegraph, OKX president Hong Fang emphasized the allure of the Australian market, labeling it as “underrated.” She highlighted Australia’s diverse clientele, ranging from savvy investors to tech enthusiasts, as a prime opportunity for OKX to introduce its robust product suite in full compliance with local regulations.

With a staggering 170 crypto trading pairs on offer, OKX aims to cater to the evolving needs of Australian users. The platform’s expansion goes beyond traditional spot trading, with options trading set to augment its repertoire, as noted by Kennedy, OKX Australia’s general manager.

OKX’s Commitment to Australian Users: Security, Accessibility, and AUD Trading

Jamie Kennedy further stressed OKX’s dedication to providing a secure and user-friendly platform, tailored to the discerning tastes of Australian crypto enthusiasts. He emphasized seamless access to banking services and AUD trading pairs as pivotal features in OKX’s value proposition.

Navigating Australia’s regulatory landscape hasn’t been without its challenges. OKX’s transition to on-shore entities, OKX Australia Pty Ltd and OKX Australia Financial Pty Ltd, aligns with local laws mandating suitability assessments for users.

Despite regulatory hurdles, Fang commended Australian regulators for their collaborative approach, praising their transparency and engagement throughout the process. OKX’s compliance efforts extend beyond regulatory requirements, with the platform ceasing certain offerings to align with local laws, a move Fang attributed to proactive evaluation and strategic foresight.

Fang’s Assurance: OKX Prioritizes Prudent Partnerships for Australian Market

While refraining from divulging specifics about payment and banking partnerships, Fang assured Cointelegraph of OKX’s meticulous due diligence, aiming to sidestep issues encountered by competitors in the Australian market.

As the third-largest exchange globally by volume, OKX’s $2.8 billion daily turnover, according to CoinGecko, underscores its standing as a formidable player in the crypto landscape. With its sights set on Australia and beyond, OKX’s latest maneuver signals a bold step towards broader market penetration and sustained growth.

FAQs