OKX finally launches crypto services in Australia

OKX’s crypto offering covers 170 spot pairs and a total of 85 tokens including Bitcoin, Ethereum, Solana and Tether (USDT).

OKX has announced the launch of crypto exchange services in Australia, which includes spot (buy & sell) trading for all (retail and institutional) users as well as derivatives trading for verified wholesale clients only.

According to the firm, OKX is now the largest global crypto exchange offering direct AUD deposits and withdrawals to Australian users, who can connect via most Australian banks and access express buy/sell, P2P, and convert functions in addition to spot trading. Users can also buy crypto with fiat via third-party platforms Simplex, MoonPay, and Banxa.

“Seamless access to banking rails as well as AUD pairs”

The launch of crypto services in Australia follows the opening of a Sydney office in May 2023 and the hiring of a team of experts in management, legal, compliance, and other specialties. The office was announced at an exclusive event for Australia’s crypto community at the Melbourne Arts Centre, which was attended by OKX Ambassadors Scotty James and Daniel Ricciardo. The announcement took place just before the Australian Grand Prix on March 30, which will feature the OKX-sponsored McLaren F1 Team car driven by Australian Oscar Piastri and Lando Norris.

OKX aimed to officially launch crypto services in Australia in 2023, just a few months after the Sydney office announcement, but the plan got delayed. The crypto exchange finally launched this month, one year later.

Jamie Kennedy, General Manager at OKX Australia, said: “Australian crypto users deserve a platform that is secure, easy-to-use and responsive to their needs, which includes seamless access to banking rails as well as AUD pairs for the most popular cryptocurrencies. It’s my job to make sure that while we offer the best product, we also invest in compliance and security to give peace of mind to our users. 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 publishes monthly Proof of Reserves to validate its full backing of user funds held on the platform. Users can independently confirm that their assets are backed by OKX reserves.

OTC spot and crypto derivatives are executed by two different entities

OKX’s crypto offering covers 170 spot pairs and a total of 85 tokens including Bitcoin, Ethereum, Solana and Tether (USDT).

OTC spot trading services are available to all users in Australia via OKX Australia Pty Ltd., which is a locally incorporated entity registered with AUSTRAC.

Meanwhile, derivatives (futures, options, and perpetual swaps) trading services will only be offered to verified wholesale clients who meet the relevant Corporations Act 2001 (Cth) definition, via OKX Australia Financial Pty Ltd., a local entity that holds an Australia Financial Services (AFS) license regulated by ASIC, and is also AUSTRAC registered.