OKX has launched Australian dollar (AUD) trading order books to enable residents in Australia to trade major cryptocurrencies USDT, USDC, BTC, and ETH, against AUD.
The move makes OKX the the largest global exchange to offer order book-based AUD pairs for spot trading in the country.
AU customers will be able to seamlessly trade between AUD, stablecoins, and the most popular cryptocurrencies, allowing them to manage their portfolio and optimize their trading strategies more effectively.
Jamie Kennedy, General Manager at OKX Australia, said: “The addition of the crypto-AUD trading pairs is a direct response to the demand of our customers in Australia and a solid result of our team’s diligent work in bringing the best and localized products to the market.
“We believe that offering local fiat trading capabilities is crucial to driving adoption and development of the local crypto ecosystem, and we’ll continue investing and introducing new, tailored products to help us realize our vision.”
In May, OKX launched crypto exchange services in Australia, which include spot (buy & sell) trading for all (retail and institutional) users as well as derivatives trading for verified wholesale clients only.
The crypto exchange offers 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.
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. 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.
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.
