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21 May 2024
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OKX Officially Forays Into Australia Via Local Regulated Entity

OKX Officially Forays Into Australia Via Local Regulated Entity

  • According to OKX president Hong Fang, the Australian market is significantly underrated.
  • Nevertheless, local consumers are required by law to complete a suitability assessment.

In its ongoing drive to expand throughout the Asia-Pacific region, cryptocurrency exchange OKX has decided to transfer its Australian-focused services to a locally licensed firm. According to OKX president Hong Fang, who spoke at a press conference in Sydney on May 14, the Australian market is significantly underrated.

Fang added:

“I think there is a very good dynamic and customer mix here. Good fundamental customers, the investors, are generally educated and sophisticated. They are interested in technology.”

According to Fang, the company has a “dynamic customer base” in Australia, which includes both experienced traders and those who are curious in cryptocurrency but haven’t invested yet. Seeing “a key growth market” and a “huge appetite” for cryptocurrency, OKX announced in March of last year that it will be establishing an office in Australia.

Complying with Regulations

The onshore firms OKX Australia Pty Ltd, which manages the crypto exchange and fiat services side, and OKX Australia Financial Pty Ltd, which handles its derivatives and margin products, have taken over the exchange’s services aimed at Australians since March 20. The Seychelles-based company was previously providing these services.

Nevertheless, local consumers are required by law to complete a suitability assessment and fit the criteria of a wholesale customer under the Corporations Act 2001 in Australia. Moreover, Australian authorities were lauded by Fang for their open and transparent engagement, despite the regulatory constraints.

To be in line with local regulations, OKX has also pulled the plug on its copy trading, yield-bearing offerings, and trading of certain tokens. Withdrawals have been limited to supported tokens exclusively since March 20.

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