Global Web3 technology company and cryptocurrency exchange OKX has officially launched its trading platform in Australia. The exchange offers spot trading for all users and derivatives products for verified corporate clients in the region. This platform now stands as the largest global cryptocurrency exchange offering direct Australian dollar (AUD) deposits and withdrawals for Australian users.
Beyond standard trading services, OKX provides Australian users with multiple AUD on-ramp and off-ramp options. Users can deposit and withdraw AUD through most major Australian banks, utilize fast buy/sell functions, and access peer-to-peer (P2P) and conversion services. Purchasing crypto with fiat currency is also available through integrated third-party platforms like Simplex, MoonPay, and Banxa.
Spot traders have access to a robust market with 170 spot trading pairs and 85 different tokens, including major cryptocurrencies like Bitcoin (BTC), Ethereum (ETH), Solana (SOL), and Tether (USDT). The exchange plans to list more tokens in the future. Australian users can check the latest list of available tokens directly on the platform.
Preparing for the Australian Market
In preparation for its Australian launch, OKX established a local office in Sydney in May 2023. Over the past year, the company has built a dedicated on-the-ground team with expertise in corporate governance, legal, and compliance matters. OKX has stated its commitment to further investing in and contributing to the growth of Australia's digital asset ecosystem.
All Australian users access over-the-counter (OTC) spot trading services through OKX Australia Pty Ltd, a local company registered with AUSTRAC (Australian Transaction Reports and Analysis Centre). Conversely, derivatives products—including futures, options, and perpetual swaps—are offered exclusively to verified corporate clients (as defined by the Corporations Act 2001 (Cth)) by OKX Australia Financial Pty Ltd. This entity is a locally incorporated company holding an Australian Financial Services (AFS) license regulated by ASIC (Australian Securities and Investments Commission) and is also registered with AUSTRAC.
Leadership and Commitment to Security
Jamie Kennedy, OKX Australia's General Manager, commented on the launch: "Australian crypto users need a platform that is secure, easy to use, and quickly responsive to their needs. This includes seamless banking integration and AUD pairs for the most popular cryptocurrencies. My role is to ensure we deliver the best possible product while continually enhancing compliance and security, so our users can trade with confidence. I am proud of the excellent local team we have assembled, which will ensure OKX contributes to the Australian crypto industry for years to come."
A cornerstone of OKX's operational philosophy is its commitment to transparency. The exchange was one of the first in the industry to publish monthly Proof of Reserves (PoR) reports, verifying that user funds on the platform are fully backed. Users can independently verify that their assets are backed by OKX reserves using open-source verification tools. Since its introduction in late 2022, OKX has consistently published these reports for 18 consecutive months and actively advocates for the adoption of new, more advanced reporting standards across the sector.
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OKX's Global Expansion and Partnerships
OKX continues to expand its global footprint significantly. Recent market launches include Turkey, Argentina, and Brazil. The company has also secured critical regulatory approvals, receiving in-principle approval for a Major Payment Institution (MPI) license in Singapore in March and a Virtual Asset Service Provider (VASP) license in Dubai in January.
Beyond exchange services, OKX is known for its high-profile partnerships. It serves as the lead partner for the McLaren Formula 1 team and the premier league champions, Manchester City Football Club. OKX is also a presenting partner of the Tribeca Film Festival, supporting creators entering the Web3 space. Furthermore, the exchange sponsors renowned Australian Olympic snowboarder Scotty James.
Frequently Asked Questions
What trading services does OKX offer in Australia?
OKX Australia offers spot trading for all verified individual users. Derivatives trading, including futures and options, is available exclusively to verified corporate clients as defined by Australian law. All users can deposit and withdraw Australian dollars directly.
How can I deposit Australian Dollars (AUD) into my OKX account?
You can deposit AUD through most major Australian banks using the platform's bank transfer feature. OKX also supports P2P services and integrations with third-party payment providers like Simplex, MoonPay, and Banxa for fiat-to-crypto purchases.
Is OKX a regulated exchange in Australia?
Yes, OKX operates through locally registered and regulated entities. OKX Australia Pty Ltd (AUSTRAC-registered) handles spot trading, while OKX Australia Financial Pty Ltd (ASIC-licensed and AUSTRAC-registered) offers derivatives products to corporate clients.
What is Proof of Reserves, and why is it important?
Proof of Reserves is an independent audit that verifies an exchange holds sufficient reserves to cover all user balances. OKX's monthly PoR reports provide transparency and assurance that user funds are safe and fully backed, which is crucial for trust and security.
Which cryptocurrencies can I trade on OKX Australia?
The platform currently supports trading for 85 tokens across 170 spot pairs, including major coins like Bitcoin (BTC), Ethereum (ETH), and Solana (SOL). The list of available tokens is continually expanding.
Who can trade derivatives on OKX in Australia?
Derivatives trading is offered solely to verified corporate clients. These clients must be classified as a 'wholesale client' under the Corporations Act 2001 (Cth) and must pass a suitability assessment.
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Disclaimer: Digital currency exchange services are provided by OKX Australia Pty Ltd (ABN 22 636 269 040). Derivatives and margin products are provided by OKX Australia Financial Pty Ltd (ABN 14 145 724 509, AFSL 379035) to corporate clients only. This announcement is for informational purposes and is not investment advice, a recommendation, or an offer to buy, sell, or hold digital assets. These products are complex and involve risk; you should seek independent advice and ensure you understand the risks. Past performance is not indicative of future results. Do not invest more than you can afford to lose.