OKX Expends its Operations, Launches Its Cryptocurrency Exchange in Australia

OKX has announced the official opening of its services in Australia, marking a critical step toward expanding its global footprint. Describing its services to the Australian market in a press conference on Tuesday, OKX says it’s offering the Australian cryptocurrency community an opportunity to become part of a trading spot similar to the Over Counter (OTC) service through its Australian affiliate OKX Australia Pty Ltd.

The company is incorporated locally and registered under the Australia’s financial intelligence agency, AUSTRAC. The new platform integrates features trading, options trading, and perpetual swaps services.

The company says that with this development, Australian consumers can directly buy a range of cryptocurrencies with fiat money by utilizing integrated third-party payment services like Banxa, Simplex, and MoonPay.

In the financial industry, these third-party systems are highly respected for their dependability and user-friendliness. OKX enables customers to buy cryptocurrency with Australian dollars to trade or invest in the OKX platform using their services.

OKX Australia Introduces OTC Spot Trading Services, Marketing Officer Speaks

The subsidiary, registered with the Australian Transaction Reports and Analysis Centre (AUSTRAC), guarantees adherence to regional laws and offers a reliable trading environment. AUSTRAC, enforces anti-money laundering (AML) and counter-terrorism financing (CTF) laws and ensures that businesses under its purview adhere to strict compliance guidelines.

The company explained the reason for choosing an OTC. Trading is attractive to high-net-worth individuals and institutional investors since it enables massive transactions to be carried out directly between parties. When contrasted with conventional exchange-based trading, this can reduce market influence and offer more advantageous pricing.

The OKX  OTC services also extend to both large-scale traders and individual investors. Haider Rafique, Chief Marketing Officer of OKX, in an interview with local media stated, “As we continue to grow our global presence, launching in Australia is a pivotal step.”

He added, “We are dedicated to offering our Australian users a safe, effective, and cutting-edge trading platform that conforms with regional laws. Our collaboration with reliable payment processors and provision of OTC trading services evidences our commitment to satisfying our consumers’ wide range of needs.”

OKX Says There’s Growing Interest in Cryptocurrencies in Australia 

Over the past few years, Australia has witnessed a spike in cryptocurrency usage as more people and institutions investigate digital assets for transactional and investment purposes. OKX says it hopes to capitalize on this growing user base and promote the broader use of cryptocurrencies by joining the Australian market.

The exchange’s cutting-edge technology, extensive security protocols, and customer-focused offerings are anticipated to be highly attractive to Australian traders. With OKX’s debut, Australian traders are expected to have additional options and a more vibrant and inclusive financial ecosystem.

The company also educated the country’s cryptocurrency community on the advantages of accessing banking services and AUD (Australian Dollar) pairs for cryptocurrencies through its platform, emphasizing its strict compliance with Australia’s financial legal guidelines and security. 

OKX presents its Service, Insist on Following the Country’s Financial Regulations

The latest services are only available to their verified wholesale customers who have completed the regulatory verification requirements using the OKX (Australia) app. News has it that OKX is also licensed by the Australian Financial Services (AFS).

This move makes it automatically fall under the regulation of the Australian Securities and Investment Commission (ASIC) and officially registered with AUSTRAC. The company, through its representatives, who were present during its official launch, said it offers Australians a secure, responsive, and user-friendly online trading experience.

OKX says that it has a culture of maintaining transparency in the cryptocurrency market; it has normalised monthly publication lists and Proof of Reserves to verify its customers. The platform is designed so that users can confirm that the reserves secure their assets through an independent verification source.

The company continuously published its monthly snapshots for 18 straight months from the day it introduced its Proof of Reserves in 2022, a move that has been described as an encouragement to the reporting habit in the cryptocurrency industry.

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