Crypto exchange OKX has officially launched in Australia.

OKX, a leading digital asset exchange, has officially launched its operations in Australia, a year after establishing an office in Sydney in May 2023. The launch allows spot trading for all users and derivatives trading for verified wholesale clients within the country. This move follows the subsidiary receiving in-principle approval for a payments license in Singapore earlier this year. Additionally, OKX recently launched its services in Turkey. The Australian expansion aims to provide a trusted, compliant, and transparent gateway to cryptocurrency trading and decentralized finance (DeFi).OKX proudly claims to be the largest global exchange offering direct AUD deposits and withdrawals to Australian users. Currently, spot trading users have access to 170 crypto spot pairs and 85 tokens, including Bitcoin, Ethereum, Solana, and Tether. The Australian arm plans to add more tokens in the coming months.Jamie Kennedy, the general manager of OKX Australia, emphasizes the need for a secure, user-friendly platform that caters to the specific needs of Australian crypto users, including seamless access to banking services and AUD pairs for popular cryptocurrencies.Crypto exchanges are drawn to Australia for several reasons, one of which is the high demand for cryptocurrency among the population. A survey by Koinly reveals that as many as 31.6% of Australians have held or currently hold cryptocurrencies. Additionally, crypto ownership in the country has steadily increased since 2019, with approximately one in four adults now owning some form of cryptocurrency.Australia has recently intensified its scrutiny of crypto exchanges, requesting data from 1.2 million accounts in an effort to curb tax evasion among users. Simultaneously, the Australian Securities and Exchange Commission (ASIC) is planning to approve the first-ever Spot Bitcoin exchange-traded funds (ETFs) by the end of 2024, which is expected to significantly boost Bitcoin investment options for Australian users.