In addition, OKX president Hong Fang claims that the Australian market is quite active.
In order to expand its operations in the Asia-Pacific area and concentrate on services under a locally licenced corporation, cryptocurrency exchange OKX is relocating to Australia. The OKX Australian expansion follows the company’s announcement of its intention to expand. After much deliberation, the business has finally chosen to open a new office in Australia.
Oscar Piastri of McLaren Racing, OKX’s principal sponsor, made the formal announcement in Sydney’s media on May 14, 2024. The platform’s general manager in Australia, Jamie Kennedy, has issued a statement.
He highlighted a safe, user-friendly, and responsive platform that provides crypto users with AUD pairings with prominent cryptocurrencies and infinite access to banking facilities. Additionally, OKX reduced the number of trading pairs available to crypto users in Australia, which was 170. Crypto users also have the option to trade options.
Additionally, OKX president Hong Fang notes that Australia’s consumer base is dynamic, meaning that the country’s population is diverse and might be interested in a wide range of goods and services. While some of the subjects have prior experience with cryptocurrencies, others are complete newcomers to the sector. Therefore, in order to provide a wide range of services to its clients, Australia is home to a variety of.
Because of the high level of interest in cryptocurrency among Australians and the potential for development in that market, OKX plans to build an office there in March 2023.
The OKX cryptocurrency exchange has been focusing on the Australian market since March 20. Two Australian firms, OKX Australia Pty Ltd and OKX Australia Financial Pty Ltd, were transferred from a Seychelles-based company.
Under Australian law, local users are required to undergo a suitability evaluation before being labelled wholesale customers, according to the Corporations Act 2001. Officials from OKX were effusive in their admiration of the Australian authorities’ candor despite previous legal constraints.
OKX has to stop offering copy trading, yield-bearing goods, and trading of certain tokens in order to comply with local laws. Only on March 20 was support for the unsupported tokens disabled. After Bybit and Coinbase, OKX is the world’s third-largest cryptocurrency exchange by volume, with a daily volume of $2.8 billion.
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