OKX Crypto Exchange Expands in Asia-Pacific; Transitions Australian Services Under Local Entities
Summary:
Cryptocurrency exchange OKX shifts its Australia-centric services to fall under a locally-sanctioned entity as part of its Asia-Pacific expansion. The relocation was officially announced by OKX president, Hong Fang. The transition allows Australian users of OKX access to secure, user-friendly cryptocurrency trading. OKX Australia Pty Ltd will now handle cryptocurrency exchange and fiat services, while OKX Australia Financial Pty Ltd will oversee derivatives and margin products. The move is in line with local regulations and compliance norms.
Crypto trading platform OKX has transitioned its Australia-centric services to fall under a locally sanctioned body, as the company broadens its presence across the Asia-Pacific zone. OKX's president, Hong Fang, publicly unveiled the relocation decision at a press brief in Sydney, dated May 14. OKX Australia's general manager, Jamie Kennedy stated that Australian cryptocurrency users deserve a secure, user-friendly platform that caters to their requirements such as hassle-free access to banking systems and AUD pairs for the most consumed cryptocurrencies. Approved Australian users will have access to 170 cryptocurrency trading pairs, as reported by OKX. In March of the previous year, OKX alerted Cointelegraph about its new Australian office, citing tremendous potential for cryptocurrency in Australia and acknowledging it as a "key growth market". Since March 20, the services focused on the Australian market have transitioned from a Seychelles-based organization to the domestic bodies OKX Australia Pty Ltd, managing the cryptocurrency exchange and fiat services and OKX Australia Financial Pty Ltd, overseeing derivatives and margin products. Local regulations mandate Australian users to undergo a suitability evaluation and conform to the profile of a wholesale client, a statutory obligation under the Corporations Act 2001. In compliance with local norms, OKX ceased offering products like copy trading, yield-bearing products, and some token trading. Tokens unsupported by OKX have been open only for withdrawal since March 20. As per CoinGecko, OKX, presently the world's third-largest exchange in volume behind Bybit, registered $2.8 billion in volume over the previous day.
Published At
5/14/2024 7:14:37 AM
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