Home OKX continues global expansion with Australia launch

OKX continues global expansion with Australia launch

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.

About ReadWrite’s Editorial Process

The ReadWrite Editorial policy involves closely monitoring the tech industry for major developments, new product launches, AI breakthroughs, video game releases and other newsworthy events. Editors assign relevant stories to staff writers or freelance contributors with expertise in each particular topic area. Before publication, articles go through a rigorous round of editing for accuracy, clarity, and to ensure adherence to ReadWrite's style guidelines.

Radek Zielinski
Tech Journalist

Radek Zielinski is an experienced technology and financial journalist with a passion for cybersecurity and futurology.

Get the biggest tech headlines of the day delivered to your inbox

    By signing up, you agree to our Terms and Privacy Policy. Unsubscribe anytime.

    Tech News

    Explore the latest in tech with our Tech News. We cut through the noise for concise, relevant updates, keeping you informed about the rapidly evolving tech landscape with curated content that separates signal from noise.

    In-Depth Tech Stories

    Explore tech impact in In-Depth Stories. Narrative data journalism offers comprehensive analyses, revealing stories behind data. Understand industry trends for a deeper perspective on tech's intricate relationships with society.

    Expert Reviews

    Empower decisions with Expert Reviews, merging industry expertise and insightful analysis. Delve into tech intricacies, get the best deals, and stay ahead with our trustworthy guide to navigating the ever-changing tech market.