Key Insights
- OKX has launched its crypto spot and derivatives trading platform in Australia under two locally regulated entities.
- Retail users in Australia can access spot crypto trading, while derivatives trading is limited to verified wholesale investors.
- OKX praised Australian regulators’ open approach and has assembled local teams after setting up a Sydney office last year.
SYDNEY (MarketsXplora) – Major cryptocurrency exchange OKX has launched its spot and derivatives trading platform in Australia, allowing domestic users to buy and sell digital assets while restricting derivatives trading to verified wholesale investors, the company said on Tuesday.
Breaking news on OKX down under, announced by McLaren Racing driver @OscarPiastri 🧡
We've officially launched OKX exchange services in Australia 🇦🇺 @OKXAustralia
We're now the largest global crypto exchange offering AUD on ramps & spot trading pairs. pic.twitter.com/aAyBmLFLtd
— OKX (@okx) May 14, 2024
OKX’s Australian services are now being provided through two locally regulated entities – OKX Australia Pty Ltd for spot and fiat operations, and OKX Australia Financial Pty Ltd for derivatives and margin products.
However, in line with the country’s corporate laws, retail users in Australia will only have access to spot crypto trading, while derivatives such as futures and options will be limited to clients classified as wholesale investors after passing a suitability test.
“We feel strongly about bringing responsible innovations to markets, and the product innovations in trading and self-custody are valuable things that we can bring to Australia,” OKX President Hong Fang told MarketsXplora.
Fang praised Australian regulators for their open and transparent approach in engaging with OKX as it established domestic operations over the past year, including setting up a Sydney office and local teams across management, legal and compliance.
Related! OKX Australia Review
The Seychelles-based crypto platform has had to disable some offerings like copy trading and yield products for the Australia market to comply with local regulations. Users have been put in withdrawal-only mode for unsupported tokens since March 20.
Still, OKX users in Australia will be able to deposit and withdraw Australian dollars through domestic banks, while gaining access to trade 85 cryptocurrencies across 170 spot trading pairs.
“I don’t think there’s actually any global product or platform that is operating in Australia locally that can offer either derivative products to the wholesale space and or a strong, self-custody wallet,” said Fang.
Jamie Kennedy, general manager of OKX Australia, said the firm had “assembled a great local team that will ensure OKX contributes to Australia’s crypto industry for years to come.”
Related! Top Crypto Exchanges in Australia: Where to Trade Safely
The launch builds on OKX’s recent expansion, after securing operating licenses in Dubai and an in-principle approval in Singapore this year. Last month, it rolled out its own Ethereum-based zero-knowledge Layer 2 blockchain network.
OKX ranked as the world’s third-biggest crypto exchange by trading volumes in April with over $110 billion in monthly trades, according to data from researcher The Block.