Thursday, May 23, 2024

OKX Crypto Exchange Establishes Regulated Entity in Australia.

As part of its development efforts in the Asia-Pacific region, cryptocurrency exchange OKX is transferring its services targeted at Australians to a locally licensed entity.

On May 14, during a media event in Sydney, OKX President Hong Fang formally announced the start of the cryptocurrency exchange.

According to a statement released by OKX Australia general manager Jamie Kennedy and shared with Cointelegraph, Australian cryptocurrency users should have access to a platform that is safe, user-friendly, and responsive to their demands. These needs should include quick access to banking rails and AUD pairs for the most well-known cryptocurrencies.

Australian consumers will have access to 170 cryptocurrency trading pairs, according to OKX.

OKX announced to Cointelegraph in March of last year that it was setting up shop in Australia, citing the country as “a key growth market” and a “huge appetite” for cryptocurrencies.

Since March 20, the exchange has shifted its services to the Australian market from a Seychelles-based company to two onshore entities: OKX Australia Financial Pty Ltd, which manages the exchange’s derivatives and margin products, and OKX Australia Pty Ltd, which handles its crypto exchange and fiat services.

However, local users are required by law to meet the criteria of a wholesale client and pass a suitability assessment, as stipulated by the Corporations Act 2001 of Australia.

In order to abide by local rules, OKX was also forced to discontinue its copy trading, yield-bearing goods, and trading of certain tokens. Since March 20, unsupported tokens have only been available for withdrawal.

With $2.8 billion in volume over the last day, the exchange is the third-largest in the world by volume, trailing only Bybit, according to CoinGecko.

Cryptured Team
Cryptured Team
The writers team at Cryptured.com is composed of passionate and experienced journalists who cover the latest developments in the crypto and blockchain space. They aim to provide accurate, unbiased and easy-to-understand news and information for their readers, as well as insights and analysis from industry experts. The writers team is always on the lookout for new and exciting stories that can help the general public learn more about the potential and challenges of these technologies.
RELATED ARTICLES

Most Popular