OKX has officially launched its cryptocurrency exchange in Australia with spot and derivatives trading services, the company announced today (Tuesday). Although spot trading is available for all users in the country, only verified wholesale clients will be able to trade derivatives.

Crypto Exchange in the Land Down Under

The spot crypto exchange service of OKX listed 85 tokens, with a total of 170 crypto pairs. It also promised to expand the number of tokens offered “on an ongoing basis.”

The cryptocurrency exchange further highlighted that the launch of local services in Australia would allow users from the country to deposit and withdraw AUD using local banks. Aussies can further access peer-to-peer and convert functions for cryptocurrencies. Furthermore, the crypto exchange also allows the purchase of cryptocurrencies using third-party platforms Simplex, MoonPay, and Banxa.

“Australian crypto users deserve a platform that is secure, easy-to-use, and responsive to their needs, which include seamless access to banking rails as well as AUD pairs for the most popular cryptocurrencies,” said Jamie Kennedy, OKX’s Australia General Manager.

Breaking news on OKX down under, announced by McLaren Racing driver @OscarPiastri 🧡

We've officially launched OKX exchange services in Australia 🇦🇺 @OKXAustralia

We're now the largest global crypto exchange offering AUD on ramps & spot trading pairs. pic.twitter.com/aAyBmLFLtd

— OKX (@okx) May 14, 2024

Complying with Local Rules

The official launch of the crypto exchange came a year after it opened a local office in Sydney. The platform is offering spot crypto exchange services locally under the entity OKX Australia Pty Ltd, which is registered with AUSTRAC, while derivatives are being offered by Australia Financial Pty Ltd, which obtained an Australian Financial Services license along with an AUSTRAC registration.

Highlighting the importance of compliance, Kennedy said: “It's my job to make sure that while we offer the best product, we also invest in compliance and security to give peace of mind to our users.”

Apart from Australia, OKX is also expanding in other regions. The exchange received initial approval in Singapore and a crypto license in Dubai. It also launched services in Turkey, Argentina, and Brazil. Meanwhile, the exchange pulled out its services from India, citing “local regulations.”