OKX, a prominent global digital asset exchange, has officially commenced operations in Australia, marking a significant milestone since establishing its Sydney office in May 2023. The launch, announced on Tuesday, enables spot trading for all users and derivatives trading for verified wholesale clients in the country.
This expansion follows OKX’s recent successes, including receiving in-principle approval for a payments license in Singapore and launching operations in Turkey earlier this year. The Australian launch is part of OKX’s ongoing commitment to expansion, the firm explained in an X post:
We’re now the largest global crypto exchange offering AUD on ramps & spot trading pairs. […] As part of our long-term commitment to the Australian market, we look forward to continuing to improve our offering to better serve the local crypto community.
At launch, spot trading users have access to 170 crypto spot pairs and a total of 85 tokens, including popular cryptocurrencies such as Bitcoin, Ethereum, Solana, and Tether. OKX Australia plans to add more tokens in the coming months. Jamie Kennedy, general manager at OKX Australia said:
Australian crypto users deserve […] 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.
Australia’s growing crypto adoption
Australia has become an attractive market for crypto exchanges due to its crypto-savvy population. A survey from Koinly revealed that as of July 2023, 31.6% of Australians held or had held cryptocurrencies. Moreover, crypto ownership in the country has consistently increased since 2019, with 1 in 4 adults now owning some form of cryptocurrency.
However, the Australian government has recently intensified scrutiny on crypto exchanges, demanding data from 1.2 million accounts to crack down on users failing to pay taxes amid the rising interest in crypto tokens.
Despite the increased regulatory attention, the Australian Securities Exchange (ASX) is considering approving its first-ever Spot Bitcoin (BTC) exchange-traded funds (ETFs) by the end of 2024. This move is expected to trigger a surge in Bitcoin investment options for Australian users, further fueling the country’s growing crypto adoption.
