OKX Expands Australian Services Amid Asia-Pacific Growth
OKX, a prominent cryptocurrency exchange, is expanding its presence in the Asia-Pacific region by relocating its Australian-focused services to a locally regulated entity.
During a recent media event in Sydney on May 14, OKX President Hong Fang expressed enthusiasm for the Australian market, citing its dynamic customer base and interest in technology among investors.
The move to establish a local entity underscores OKX’s commitment to the Australian market, with the exchange opening an office in the country in March of last year.
The transition to on-shore entities, OKX Australia Pty Ltd and OKX Australia Financial Pty Ltd, enables the exchange to comply with Australian laws, including suitability assessments and definitions of wholesale clients.
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Despite regulatory challenges, Fang praised Australian regulators for their transparency and engagement. OKX has adjusted its services to comply with local laws, including discontinuing copy trading, yield-bearing products, and trading of certain tokens.
Regarding payment and banking partnerships, Fang expressed confidence in OKX’s due diligence process, ensuring compliance with regulations and preempting potential issues.
OKX currently ranks as the third-largest cryptocurrency exchange globally by volume, according to CoinGecko, with $2.8 billion in trading volume over the past day.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
