As stated by OKX in its announcement, "It's [Australia is] also home to a diverse range of crypto users and crypto natives, developer talent and professional traders. This puts Australia in a prime position for growth as the crypto sector develops."
Crypto exchange OKX has added spot and derivatives trading services for its Australia-based clients.
As part of its Australian expansion strategy, OKX has established two on-shore entities, OKX Australia Pty Ltd and OKX Australia Financial Pty Ltd, to comply with local regulations. The newly launched business units will handle crypto exchange and fiat services, as well as derivatives and margin products. This development makes OKX the largest international crypto exchange to provide Australian Dollar on-ramps and spot trading pairs.
In line with local laws, OKX has made adjustments to its offerings, discontinuing services such as copy trading and yield-bearing products. The Seychelles-based exchange has also restricted trading facilities for certain tokens. Currently, OKX offers trading services for 85 tokens, including popular coins like Bitcoin (BTC), Ethereum (ETH), Tether (USDT). Additionally, users can trade their fiat holdings for crypto using Simplex, MoonPay, and a host of third-party platforms.
It is worth noting that local regulations require users to undergo a suitability assessment and qualify as wholesale clients under the Corporations Act 2001. The legal requirement adds a layer of complexity for Australian users seeking to engage with OKX's services.