Is OKX Legal in Australia?

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"Is OKX legit in Australia?" – a burning question for crypto enthusiasts. This article dives deep into OKX's compliance journey, trading products, and frequently asked questions.

With the rapid growth of cryptocurrency adoption worldwide, more and more Australians are turning to digital asset exchanges like OKX to buy, sell, and trade virtual currencies. However, a common question that often arises is, “Is OKX legit in Australia?”

This article answers the question on OKX’s legal and regulatory status, as well as security measures.

Here’s what you can expect to learn:

  • Is OKX available in Australia?
  • Is OKX legit?
  • What security practices are implemented by OKX?
  • Real user reviews and testimonials

So if you’re a new crypto trader, this article will provide you with everything you need to know about OKX in Australia. So, let’s get started!

Is OKX available in Australia?

Recently, OKX made a significant announcement that has captured the attention of the Australian crypto community. The exchange revealed its plans to establish a presence in the country by opening a physical office.

OKX’s decision was unveiled at an exclusive event held at the iconic Melbourne Arts Centre. The announcement was made even more special by the presence of OKX’s brand ambassadors, including Australian Formula 1 driver Daniel Ricciardo and Olympic snowboarder Scotty James.

Haider Rafique, OKX’s Chief Marketing Officer, emphasized the exchange’s ambition to become the leading crypto platform worldwide, with Australia being an indispensable part of this strategy. He highlighted the strong uptake of crypto in the country, making it a key growth market for OKX.

Daniel Ricciardo, expressing his excitement, stated,

“I’m very excited to see OKX plan an office in my home country. I had a great time celebrating with the OKX team and the crypto community today. The future looks bright for OKX in Australia.”

Scotty James echoed similar sentiments, adding,

“Crypto never sleeps, and OKX continues to build its community. Australia is a special place for crypto, and it is exciting to see OKX announce it will be opening an office in Australia.”

OKX Australia Ambassadors
OKX Ambassadors Daniel Ricciardo (left) Scotty James (right)

So yes, OKX is available in Australia. But what about their legal status?

Is OKX Legit in Australia?

To put it simply, yes, OKX is legal in Australia. OKX has taken comprehensive steps to ensure its operations are fully compliant with Australian laws and regulations.

By establishing local entities – OKX Australia Pty Ltd and OKX Australia Financial Pty Ltd – and obtaining necessary licenses and regulatory approvals from Australian authorities, OKX has demonstrated its commitment to operating legally within the Australian crypto market.

This move not only legitimizes OKX’s presence in the country but also provides Australian users with a secure and legally compliant platform for trading cryptocurrencies and accessing various crypto-related products and services.

However, it’s important to note that not all products and services offered by OKX globally will be available to Australian users. According to our OKX Australia review, certain offerings, such as derivatives and margin trading, will be restricted to users who meet the definition of a wholesale client under the Corporations Act 2001 (Cth) and pass a suitability assessment.

Is OKX Safe? Security and User Protection Measures

While OKX’s regulatory compliance is a significant step towards ensuring a safe and secure trading environment, the exchange has also implemented robust security measures to protect its users’ funds and personal data. One of the key initiatives undertaken by OKX is the publication of monthly Proof of Reserves (PoR) reports.

These PoR reports, verified by third-party auditors, provide transparency into OKX’s reserves and liabilities, allowing users to self-verify the exchange’s financial health using trustless tools on their website.

According to third-party data, OKX holds the largest 100% clean reserves among major exchanges at USD$8.9 billion, demonstrating its commitment to safeguarding user funds.

Furthermore, OKX places a strong emphasis on data privacy and the secure storage of user funds. The exchange employs industry-leading security protocols and encryption technologies to protect sensitive information, ensuring that users’ personal and financial data remains confidential.

In the event of any disputes or issues, Australian users can rely on OKX’s dedicated customer support channels and dispute resolution mechanisms. These resources are designed to provide prompt assistance and address any concerns or queries that may arise, fostering a transparent and trustworthy relationship between the exchange and its users.

OKX Reviews: Hearing from Real Users

The testimonials from satisfied OKX users speak volumes about the exchange’s reliability and user-friendly experience.

On Trustpilot, Jamie Golchert from Australia, commended OKX’s “easy interface for buying, selling, and tracking crypto.” While acknowledging a slight learning curve for withdrawing USDT to an Australian bank account, Golchert expressed satisfaction with the overall simplicity of the process, stating, “I’ve had no problems with any transaction yet.”

Is OKX Legit in Australia - Positive Trustpilot Reviews
Screenshot Source: Trustpilot

Another user, Rexair GmbH, praised OKX as a “good platform with verified users,” highlighting the exchange’s commitment to security and its efficient 24/7 customer support for resolving any issues, particularly for peer-to-peer (P2P) trading.

Is OKX legal in Australia? Trustpilot OKX Reviews
Screenshot Source: Trustpilot

These positive reviews underscore OKX’s dedication to providing a seamless and secure trading experience for users worldwide, including those in Australia. With a user-friendly platform, robust security measures, and responsive customer support, it’s no wonder OKX has garnered a loyal following among crypto enthusiasts.


By establishing local entities, obtaining the necessary licenses and approvals, and implementing robust security measures, OKX has positioned itself as a trustworthy and reliable crypto platform for Australian residents.

If you’re an Australian crypto trader looking to engage with a regulated and licensed exchange, now is the time to verify your account with OKX and gain access to the supported products and services tailored for the Australian market.

Remember, it is crucial to prioritize security and regulatory compliance when it comes to cryptocurrencies and digital asset trading. By choosing a platform like OKX, which operates within the boundaries set by Australian authorities, you can trade and invest with confidence, knowing that stringent security measures and consumer protection regulations protect your funds and personal data.

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  • Is OKX legal in Australia?

Yes, OKX is a legitimate and legally compliant cryptocurrency exchange for Australian users. The company has established local entities which have obtained necessary licenses and regulatory approvals from Australian authorities.

  • Is OKX safe?

OKX prioritizes security and user protection by implementing robust measures such as publishing monthly Proof of Reserves reports. They also use industry-leading data encryption protocols and provide dedicated customer support channels for dispute resolution.

  • Where is OKX based?

OKX is a global cryptocurrency exchange with a presence in multiple countries. While its headquarters are in Seychelles, the company is now expanding operations by opening a physical office in Australia.

  • What services does OKX offer for Australian customers?

For verified Australian users, OKX offers services like spot trading, P2P trading, AUD deposits/withdrawals, and Web3 services. Verified wholesale clients can also access derivatives, margin trading, and options trading.

  • How does OKX ensure user funds are secure?

OKX employs various security measures, including third-party audits, data encryption, secure storage of user funds, and regular publication of Proof of Reserves reports to ensure transparency and user protection.

  • How do I get verified as an Australian OKX user?

Beginning March 20, 2024, Australian residents must complete an identity verification process. They must also agree to OKX’s updated terms of service to continue using the platform.

  • Are there any restricted products for Australian OKX users?

Yes, certain products like high leverage (>20x) trading, institutional services, and trading of some tokens may not be available for Australian users, depending on their verification status.