Global crypto exchange OKX has officially launched in crypto exchange services in Australia, offering AUD bank deposits, withdrawals and 170 crypto spot (buy and sell) trading for all users and derivates for verified wholesale clients, and says it is now “the largest global crypto exchange offering direct AUD deposits and withdrawals to Australian users.”
OK, crypto fans, OKX is now Down Under, after having prepared to launch for a year, with verifiable and transparent reserves, and the promise of an easy to use, secure and reliable platform that won’t suffer the fate of an exchange like FTX that imploded so spectacularly in 2022, albeit through the kind of corporate malfeasance that shocked us all.
Indeed, in preparation for its entry into the Australian market, OKX opened an office in Sydney in May 2023 and says it built a team of experts in management, legal, compliance, and other specialties over the past year. In addition, we are told it will further invest in the Australian crypto ecosystem going forward.
OKX Australia users are now able to deposit and withdraw AUD via most Australian banks and access express buy/sell, P2P and convert functions in addition to spot trading.
Users can also buy crypto with fiat via third-party platforms Simplex, MoonPay and Banxa. In total, spot trading users have access to 170 crypto spot pairs and a total of 85 tokens including Bitcoin, Ethereum, Solana and Tether (USDT). More tokens will be listed on an ongoing basis; Australian users can check here for the latest list of tokens offered.
Here is the full launch video, after which the article (and an interview with OCX Australia GM Jamie Kennedy) continues – please watch and read on!
OKX Australia General Manager Jamie Kennedy said: “Australian crypto users deserve a platform that is secure, easy-to-use and responsive to their needs, which include seamless access to banking rails as well as AUD pairs for the most popular cryptocurrencies. It’s my job to make sure that while we offer the best product, we also invest in compliance and security to give peace of mind to our users. I’m proud to say we have assembled a great local team that will ensure OKX contributes to Australia’s crypto industry for years to come.”
In line with its dedication to transparency, OKX was among the first in the crypto industry to publish monthly Proof of Reserves to validate its full backing of user funds held on the platform. Using open-source verification tools, users can independently confirm that their assets are backed by OKX reserves. Since launching Proof of Reserves in late 2022, OKX has published 18 consecutive monthly snapshots while driving the industry’s adoption of new and improved reporting standards.
OKX boasts a strong global presence, and recently launched its product in Türkiye, Argentina and Brazil. In March, OKX received In-Principle Approval for a Major Payment Institution (MPI) license in Singapore and received its Virtual Asset Service Provider (VASP) license in Dubai in January.
OKX is also a top partner of McLaren Formula 1 team, English Premier League champions Manchester City FC, the Majesticks LIV golf team, and is the presenting partner of the iconic Tribeca Film Festival. OKX also sponsors the well-known Australian Olympian snowboarder Scotty James.
OTC spot trading services are available to all users in Australia via OKX Australia Pty Ltd., which is a locally incorporated entity registered with AUSTRAC. Meanwhile, derivatives (futures, options and perpetual swaps) trading services will only be offered to verified wholesale clients who pass stringent suitability tests via OKX Australia Financial Pty Ltd., a local entity which holds an Australia Financial Services (AFS) license regulated by ASIC, and is also AUSTRAC registered.
Here is my video interview with OXC Australia GM, Jamie Kennedy:
