OKX is bringing its services closer to home for Australian traders. Oscar Piastri, representing McLaren Racing, broke the news at a Sydney media event on May 14.
OKX President Hong Fang sees great potential in the Australian market. She believes it’s often overlooked but is filled with educated and tech-savvy investors hungry for innovation.
The exchange plans to offer a whopping 170 crypto trading pairs to Australian users. Plus, they are introducing options trading alongside spot trading, making it a comprehensive platform.
Australian regulations mean users must pass certain assessments to ensure they’re suitable investors. Despite these challenges, Fang commends Australian regulators for their transparent approach.
While some features had to be adjusted to meet local regulations, OKX remains optimistic about its future in Australia. They see it as a key market for growth, and with their move towards compliance, Australian traders can expect a more tailored and secure trading experience.
OKX opened an office in Australia last year because they saw a big interest in crypto there. Since March 20, the exchange’s Australian operations have transitioned from a Seychelles-based firm to two onshore entities: OKX Australia Pty Ltd for crypto exchange and fiat services and OKX Australia Financial Pty Ltd for derivatives and margin products.
Australian regulations require local users to undergo a suitability assessment and be classified as wholesale clients under the Corporations Act 2001. Despite these regulatory challenges, Fang commended Australian regulators for their transparent engagement.
OKX has ceased offering copy trading, yield-bearing products, and trading of certain tokens to comply with local laws, making unsupported token withdrawals only since March 20.
The expansion of OKX into the Australian market heralds a new era of opportunity for local traders. With a comprehensive platform offering 170 crypto trading pairs and options trading, Australian investors gain access to a diverse range of assets. Enhanced regulatory compliance ensures a tailored and secure trading environment, fostering trust and confidence among Australian traders as they navigate the evolving crypto landscape.
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