14 May

Crypto exchange OKX is transitioning its Australian-focused services to a locally regulated entity as part of its expansion in the Asia-Pacific region.

Jamie Kennedy, general manager of OKX Australia, stated that Australian crypto users deserve a secure, easy-to-use platform that meets their needs, including seamless access to banking rails and AUD pairs for popular cryptocurrencies. OKX noted that 170 crypto trading pairs will be available to Australian users.

Since March 20, OKX's Australian-focused services have moved from a Seychelles-based firm to onshore entities: OKX Australia Pty Ltd, which handles crypto exchange and fiat services, and OKX Australia Financial Pty Ltd, which manages derivatives and margin products.

Australian laws require local users to pass a suitability assessment and qualify as wholesale clients, as stipulated by the Corporations Act 2001. Consequently, OKX has had to stop offering copy trading, yield-bearing products, and trading of certain tokens to comply with local regulations. Unsupported tokens have been available for withdrawal only since March 20.

OKX is the third-largest crypto exchange by volume, with $2.8 billion in transactions over the past day, trailing only Bybit.

May 2024, Cryptoniteuae

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