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OKX Officially Launches in Australia One Year After Sydney Office Opens

OKX's Australian users will have access to its 85 crypto tokens and 170 crypto spot pairs while wholesale clients will be able to engage in derivatives trading

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OKX has made its official debut down under by launching its spot and derivatives crypto trading platform in Australia.

All Australian users will be able to access spot trading services while verified wholesale clients can engage in derivatives trading.

Users can deposit and withdraw AUD via most Australian banks to access OKX's 85 crypto tokens and 170 crypto spot pairs.

The exchange partnered with Australian McLaren Racing driver Oscar Piastri to make the announcement on X.

"Australia, listen up," Piastri says to the camera. "Australians now have access to one of the world's leading crypto trading apps. Trusted by millions, it's secure, reliable and easily accessible. Whether you're a seasoned pro or just getting started, OKX gives you confidence with every crypto trade. And it's right here in our backyard. Are you ready? OKX, your new favorite crypto trading app. Now available in Australia."

OKX's Aussie launch comes one year after the exchange opened its Sydney office to establish its management, legal, and compliance teams.

“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,” said Jamie Kennedy, general manager of OKX Australia.

OKX has been making significant moves across the world. Earlier this year, the exchange obtained a virtual asset service provider license in Dubai and an in-principle license in Singapore.

OKX Wins In-Principle Approval For MPI License From Singapore Regulator
OKX’s in-principle approval (IPA) for a major payment institution (MPI) licence allows it to provide digital payment tokens and cross-border money transfer services in Singapore.

However, it hasn't been all smooth sailing for OKX. In March, OKX terminated its services in India and advised its users to withdraw all of their funds by the end of April.

The move came three months after the Financial Intelligence Unit (FIU) of the Indian Ministry of Finance issued compliance notices to nine foreign crypto exchanges including Binance and Kraken, although OKX was not on the list.

OKX Terminates Services in India, Tells Users to Withdraw Funds By End April
OKX is giving its users in India until 30 April to withdraw their funds as the exchange terminates its services

Last month, OKX also saw key executives leave the exchange. Tim Byun served as CEO of OKX's US arm, OKcoin, between 2018 and 2020. He then was appointed head of global government relations at OKX.

Wei Lan was hired as head of product and ran OKX's trading desk, overseeing transaction activity.

OK-Exit: Very Senior OKX Execs Call it Quits
OKX executives Tim Byun and Wei Lan have left the exchange, leaving critics to draw parallels with Binance’s staff exodus amid regulator scrutiny

OKX's Aussie expansion also comes at a time when the country is making strides to embrace the crypto industry. Set to launch a wave of Bitcoin ETFs on its top exchange by the end of this year, Australia seems to be getting a case of ETF FOMO.

Issuers including VanEck Associates and Sydney-based BetaShares Holdings have applied for listings with the Australian Securities Exchange (ASX). The exchange, which handles 80% of the country’s equity trading, is expected to approve the crypto ETFs by the end of 2024.

Local Bitcoin and digital asset funds management firm, DigitalX, revealed in February that it has also launched an application.

Australia to Debut Bitcoin Spot ETFs on Top Exchange This Year
Australia’s Bitcoin ETF launch on the ASX follows the CBOE’s failed attempt at attract inflows for similar crypto products two years ago