Crypto exchange OKX is moving its Australian-focused services under a locally regulated entity as part of its expansion efforts.
As part of its Asian-Pacific expansion, the cryptocurrency exchange OKX transfers its Australian-centric services to a locally regulated entity.
During a media engagement in Sydney on May 14, OKX president Hong Fang told reporters, “I think Australia is a very underrated market,”
“I think there is a very good dynamic and customer mix here, ”she stated. “Good fundamental customers, the investors, are generally educated and sophisticated. They are interested in technology.”
According to a source, OKX Fang asserts that Australia’s “dynamic customer base” consists of experienced traders and those interested in cryptocurrencies but have yet to invest.
OKX informed Cointelegraph in March last year that it was establishing an office in Australia, citing the country’s “profound demand” for cryptocurrencies and its perception of it as “a key growth market.”
Effective March 20, the exchange transitioned its Australian-centric services from a Seychelles-based firm to the onshore entities OKX Australia Pty Ltd and OKX Australia Financial Pty Ltd., respectively, which are responsible for the exchange’s derivatives and margin products and cryptocurrency exchange and fiat services, respectively.
As per the Corporations Act 2001, local users must satisfy the criteria of a suitability assessment and fall within the definition of a wholesale client to operate in Australia.
Australian regulators were commended by Fang for their open and transparent engagement with them, notwithstanding the regulatory obstacles.
In addition, to comply with local regulations, OKX has ceased copy trading, yield-bearing products, and trading specific tokens. Withdrawals have been restricted for unsupported tokens since March 20. Fang declined to provide specific details regarding OKX’s banking and payment partners.
However, she did inform reporters that the exchange does not anticipate any challenges with its partners comparable to those encountered by rival cryptocurrency exchange Binance in Australia.
“We really put a lot of [that] work upfront […] We made sure we evaluate that question before launch and you know, it’s been more than a year. So if we’re doing it now, it means that we feel comfortable. Otherwise, we would not have come to the market,” she explained.
The exchange, which saw $2.8 billion in volume over the past day, is the third-largest globally by volume after Bybit, according to CoinGecko.
