OKX launches cryptocurrency exchange in Australia, offering spot and derivatives trading

On May 14, 2024, OKX , a leading global Web3 technology company and virtual asset exchange, announced the official launch of its virtual currency exchange in Australia, providing spot buy and sell trading for all users, and derivative trading for certified corporate clients* in Australia. The platform has now become the largest global virtual currency exchange to provide direct Australian dollar deposits and withdrawals to Australian users.

In addition to spot trading, OKX Australian users can now deposit and withdraw in Australian dollars through most Australian banks, quickly buy or sell, and provide P2P and exchange services. Users can also use legal tender to purchase cryptocurrencies through third-party platforms Simplex, MoonPay and Banxa. Spot trading users have access to a total of 170 crypto spot pairs and 85 tokens including Bitcoin, Ethereum, Solana and Tether (USDT). More tokens will continue to be listed in the future, and Australian users can find the latest list of listed tokens at https://www.okx.com/markets/prices.

In preparation for entering the Australian market, OKX established an office in Sydney in May 2023 and has built a team of professionals in corporate governance, legal affairs and compliance over the past year. In the future, OKX will further invest in the Australian virtual asset ecosystem.

All Australian users can enjoy OTC spot trading services through OKX Australia Pte Ltd, which is registered as a local company with AUSTRAC. Derivatives (futures, options and perpetual contracts) trading services will be provided by OKX Australia Financial Pte Ltd only to corporate clients that meet the relevant definition of the Corporations Act 2001 (Cth). OKX Australia Financial Pte Ltd is a local company that holds an Australian Financial Services (AFS) license regulated by ASIC and is also a company registered with AUSTRAC.

Jamie Kennedy, General Manager of OKX Australia, said: Australian crypto-asset users need a platform that is secure, easy to use and responsive to their needs, including seamless bank integration and AUD pairs pegged to the most popular cryptocurrencies. My job is to ensure that we provide the best product while continuing to improve compliance and security so that our users can use it with peace of mind. I am proud that we have assembled an excellent local team that will ensure OKX contributes to the Australian crypto-asset industry in the years to come.

In line with its commitment to transparency, OKX is one of the first companies in the crypto asset industry to publish monthly proof of reserves to verify that user funds held on the platform are fully protected. Users can also use open source verification tools to independently verify that user assets are backed by OKX reserves. Since launching proof of reserves at the end of 2022, OKX has published 18 consecutive months of reports while actively promoting the industry to adopt new and more advanced reporting standards.

OKX has a strong global presence, having recently launched products in Turkey , Argentina , and Brazil , and received in-principle approval for a Large Payment Institution (MPI) license in Singapore in March, and a Virtual Asset Service Provider (VASP) license in Dubai in January.

OKX is also a Premier Partner of the McLaren Formula 1 Team and Premier League Champions Manchester City Football Club, and a Presenting Partner of the iconic Tribeca Film Festival. OKX also sponsors Scotty James, a famous Olympic snowboarder from Australia.

*Derivatives and margin related products and services will be provided by OKX Australia Financial Pte Ltd only to verified corporate clients who have passed a suitability assessment and meet the definition of corporate clients as set out in the Corporations Act 2001 (Cth). Please visit okx.com for more information

About OKX

OKX is an industry-leading cryptocurrency exchange and Web3 ecosystem. OKX develops cryptocurrency applications that combine speed and reliability, and is favored by more than 50 million investors and professional traders around the world. OKX works closely with English Premier League champion Manchester City FC, McLaren F 1 Team, and Olympic snowboarder Scotty James to enhance the fan experience through new interactive methods. In addition, OKX is also a top partner of Tribeca Festival and is committed to attracting more creators to the Web3 space. In addition to exchange services, OKX has recently launched the OKX Web3 wallet service, which provides users with an entry point to trade GameFi and DeFi tokens and explore the NFT and Metaverse space. OKX is committed to improving transparency and security, and publishes its Proof of Reserves report every month. For more information about OKX, please download our app or visit: okx.com

Disclaimer

For information: Cryptocurrency exchange services are provided by OKX Australia Pty Ltd (ABN 22 636 269 040); derivative products and margin trading are provided by OKX Australia Finance Pty Ltd (ABN 14 145 724 509, AFSL 379035) only to corporate clients (within the meaning of the Corporations Act 2001 (Cth)); and products and services provided by other related OKX companies (see User Terms of Use – Australia). This announcement provides general information only and should not be regarded as investment advice, personal advice, or an offer to buy, sell or hold virtual assets. Before making a decision, you should carefully study and consult expert advice to ensure that you understand the risks associated with such products. Past performance does not represent future results, so please do not invest more than you are prepared to lose. Read OKXs User Terms of Use – Australia to learn more.

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