Yahya 
The crypto exchange giant OKX has made a big move in its expansion into the Asia-Pacific region by transferring its Australian-focused services to a locally regulated entity. This step is the same as the one made 12 months ago by the firm, which was the expansion of its operations in Australia.
A Year in the Making
In March of 2017, OKX announced that it was going to establish an office in Australia, which was made possible by the “big appetite” for cryptocurrency and the fact that the country was seen as a “key growth market.” This choice was of a strategic nature, and it was made to take advantage of the growing demand for the services of cryptos in the region; thus, the company will create more individual and regulated services for Australian users.
Local Entity for Local Needs
On March 20, the services of OKX for Australian customers were switched from the Seychelles-based firm to locally regulated entities. OKX Australia Pty Ltd goes on to the crypto exchange and fiat services, while OKX Australia Financial Pty Ltd handles the derivatives and margin products. This switch guarantees that the company is in accordance with Australian regulations and provides a more safe and efficient platform for its users.
Enhanced Service Offerings
Jamie Kennedy, the General Manager of OKX Australia, stressed the significance of satisfying the local users’ needs. “Australian crypto users should have a platform that is secure and friendly, and at the same time, their needs are promptly met, which include seamless access to the banking rails as well as the AUD pairs for the most popular cryptocurrencies,” Kennedy said. Australian users will have the privilege to trade 170 crypto trading pairs, which will significantly increase their trading alternatives.
Compliance with Local Laws
In order to be in compliance with Australian regulations, OKX has introduced a suitability assessment to verify if the users are qualified to be wholesale clients under the Corporations Act 2001. Besides, the exchange has stopped providing services such as copy trading and yield-bearing products to meet the requirements of the local laws. Starting on March 20, unsupported tokens have been only available for withdrawal; thus, the users affected by these changes have had a smooth transition.
Global Presence with Local Commitment
OKX’s intention to enlarge its global presence while at the same time being compliant with local rules is a proof of its determination to offer personalized services in the most important markets. The exchange, which is now the third-largest in the world by volume after Bybit, had a trading volume of $2.8 billion in the last day, as per CoinGecko. This move to Australia is proof that OKX has realized the income of the country and is ready to serve the local crypto community.