In a strategic move to bolster its presence in the Asia-Pacific region, cryptocurrency exchange OKX has transitioned its Australian operations to a locally regulated entity. This announcement was made by McLaren Racing’s Oscar Piastri, a key sponsor of OKX, during a media event in Sydney on May 14. The move aligns with OKX’s goal to offer a secure, user-friendly platform tailored to the needs of Australian crypto users.
Expansion and User-Focused Services
Speaking on the development, OKX Australia General Manager Jamie Kennedy emphasized the company’s commitment to providing Australians with seamless access to banking integrations and AUD trading pairs for leading cryptocurrencies. The platform expansion includes an impressive lineup of 170 crypto trading pairs, along with the introduction of options trading, providing a robust trading environment for both seasoned and new entrants in the crypto space.
Operational Adjustments and Regulatory Compliance
OKX has restructured its operations, creating two dedicated entities – OKX Australia Pty Ltd for overseeing exchange and fiat services, and OKX Australia Financial Pty Ltd for managing futures and margin products. This restructuring came into effect on March 20. Additionally, to align with Australian financial regulations, OKX now requires local users to qualify as wholesale customers under the 2001 Corporations Act, highlighting the company’s efforts to comply with local legal standards.
Key User Benefits and Insights
- Direct access to banking services and AUD cryptocurrency trading pairs enhances convenience for Australian users.
- Expansion of trading options to include futures and options markets caters to a broader spectrum of investor preferences.
- Compliance with local regulations ensures a secure trading environment for customers.
Despite certain regulatory challenges, OKX President Hong Fang commended Australian regulators for their cooperative approach. The company has had to make adjustments, including discontinuing some services like copy trading, yield-generating products, and specific token pairs to remain compliant. Nonetheless, the changes underscore OKX’s dedication to providing a compliant and comprehensive trading platform, which has contributed to its ranking as the third-largest exchange globally by volume, according to recent figures from CoinGecko.