Renowned cryptocurrency exchange, OKX has extended its operations to Australia. The exchange made the disclosure on Tuesday via its official X (formerly Twitter) page. In the announcement, the exchange revealed that it will officially launch its spot and derivatives crypto trading platform in Australia.
More so, in the announcement, the exchange explained that it will provide spot trading services to all users in Australia. However, the derivatives trading feature will be exclusive to verified wholesale users. Consequently, OKX will avail 85 cryptocurrencies and 170 crypto spot pairs for traders and investors in Australia.
In addition, the cryptocurrency exchange communicated that it will allow users to deposit and withdraw AUD, leveraging the support of popular Aussie banks. Meanwhile, the extension into Australia will place OKX in a good position to gain more market share in the cryptocurrency landscape.
According to Coinmarketcap, OKX is presently the 4th largest cryptocurrency exchange by trading volume behind leading platforms like Binance, Coinbase, and Bybit. The exchange enjoys an average weekly visit of more than 5.4 million users with more than $17 billion worth of users’ assets under its management.
In recent months, the exchange has focused hugely on expanding into various markets. Recently, the exchange obtained a virtual asset service provider license in Dubai. Also, the firm received an in-principle license in Singapore. A Binbits report in February also revealed how OKX launched its services in Turkey.
How Top Executives from OKX Reacted to the Expansion
It is worth mentioning that the General Manager of OKX in Australia, Jamie Kennedy provided insight into the expansion effort. Kennedy illuminated his joy to have gathered a great local team that is capable of ensuring that the exchange contributes to the growth of cryptocurrency for many years to come.
Additionally, the President of OKX, Hong Fang also reacted to the expansion. President Hong Fong explained that the exchange is committed to bringing innovations to numerous markets. He added that OKX is aiming to offer a new dimension of trading and self-custody to cryptocurrency enthusiasts in Australia.
Furthermore, he went on to establish that regulators in Australia have designed sophisticated and transparent guidelines on crypto regulations to aid the industry to flourish. Lastly, the executive added that OKX is convinced that Australia is a good market and the firm remains committed to investing in it.
The expansion into the Australian crypto market came shortly after OKX launched its Ethereum-centric zero-knowledge layer 2 service known as X Layer. The innovation focuses on offering the global users of OKX the pathway to access numerous dApps.