Crypto exchange OKX launches local regulated entity in Australia

Crypto exchange OKX is moving its Australian-focused services under a locally regulated entity as part of its expansion efforts through the Asia-Pacific region.

“Australian crypto users deserve a platform that is secure, easy-to-use and response to their needs, which include seamless access to banking rails as well as AUD pairs for the most popular cryptocurrencies,” OKX Australia general manager Jamie Kennedy said in a statement shared with Cointelegraph.

170 crypto trading pairs will be available to Australian users, OKX noted.

In March last year, OKX told Cointelegraph it was opening an Australian office claiming there was a “huge appetite” for crypto and saw the country as “a key growth market.”

The exchange’s Australian-focused services since March 20 moved from a Seychelles-based firm to the on-shore entities OKX Australia Pty Ltd which handles the crypto exchange and fiat services side, and OKX Australia Financial Pty Ltd which handles its derivatives and margin products.

However, Australian laws dictate that local users must pass a suitability assessment and meet the definition of a wholesale client — a legal requirement under the Corporations Act 2001.

Related: Australia’s top exchange may approve spot Bitcoin ETFs this year: Report

OKX has also had to stop offering its copy trading, yield-bearing products and trading of some tokens to comply with local laws. Unsupported tokens have been withdrawal-only since March 20.

The exchange is the third-largest in the world by volume behind Bybit, seeing $2.8 billion in volume over the past day, according to CoinGecko.

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