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OKX Plans Expansion into Australia – A Growing Market for Crypto

OKX Plans Expansion into Australia – A Growing Market for Crypto

Seychelles-based crypto exchange, OKX, has announced its intention to expand its crypto services to Australia.

The firm aims to build a strong local office in the country as it believes Australians are above the curve in terms of crypto education and interest.

The exchange states that it provides services to over 100 countries, and Australia will be a key growth market for it moving forward.

Haider Rafique, the chief marketing officer of OKX, says that the decision to expand into Australia is driven by Australians’ “huge appetite” for more crypto investment and trading products.

He believes Australians are familiar with crypto and the value of blockchain, which will make OKX’s move into the market smooth.

Crypto education and interest in Australia

A September survey from Australian crypto exchange Swyftx found that about 1 million Aussies are expected to enter crypto for the first time within the next 12 months, representing about 4% of the country’s population.

The survey results suggest Australians are showing a growing interest in cryptocurrency, making it an attractive market for crypto companies such as OKX.

Rafique said he was also impressed with Australia’s crypto startup scene, further highlighting the country’s growing interest in cryptocurrency.

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OKX’s expansion plan

The platform is yet to decide where the Australian office would be located or how large the team would be. The business is applying for a Virtual Asset Service Provider (VASP) license in Hong Kong. It has yet to register with AUSTRAC, the licensing regime required to offer cryptocurrency services in Australia.

OKX recently announced plans to cease its services to Canadians in June, which makes its expansion plans into Australia and Hong Kong all the more significant.

OKX’s chief marketing officer, Haider Rafique, sees Australia as an indispensable part of the company’s strategy and a key growth market. With such a strong crypto uptake in Australia already, the exchange is committed to the local market and believes that the value creation it can do for locals will ultimately lift all boats.

Andrey Kunev

Reporter at CoinsPress

Andrey Kunev is a knowledgeable cryptocurrency content creator passionate about the crypto market. With extensive experience in market analysis and investment reporting, Andrey is a valuable asset to the CoinsPress team. As a frequent contributor, he offers insightful and comprehensive coverage of market trends, price fluctuations, and new advancements in cryptocurrency. Whether you're a seasoned investor or just getting started, Andrey's clear and concise writing offers a comprehensive look at the current state of the crypto market and its prospects. Stay up-to-date with CoinsPress's expert analysis and commentary on all things cryptocurrency.

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