We've Launched Spot and Derivatives Trading in Australia
We're pleased to announce that we've officially launched crypto exchange services in Australia, a significant milestone for our goal to build locally in important markets around the world. We now offer spot (buy & sell) trading for all users, plus derivatives trading for verified wholesale clients* in Australia.
Why Australia
The country is a hub for many industries and boasts a reliable and robust technology infrastructure. It's also home to a diverse range of crypto users and crypto natives, developer talent and professional traders. This puts Australia in a prime position for growth as the crypto sector develops.
Our launch in Australia has been a long time in the making, and we're excited to continue to invest in the market as a long-term player. In May 2023, we opened an office in Sydney in preparation for our market entry. We've built a team of experts in management, legal, compliance and other specialties over the past year. This is only the beginning: our intention is to continue to serve Australians for the long term while prioritising regulatory compliance and user protection.
Our promise to every Australian user is that we will listen, demonstrate the value of our product and earn their trust by providing a secure and innovative crypto trading experience for years to come.
Our local product
Users down under now have access to the most powerful crypto app in the world, complete with AUD compatibility. Australians can withdraw and deposit AUD via most banks across the country, and also buy crypto with fiat via third-party platforms Simplex, MoonPay and Banxa.
We also offer a wide range of crypto assets to users in Australia. In total, spot trading users have access to 170 crypto spot pairs and a total of 85 tokens including Bitcoin, Ethereum, Solana and Tether (USDT). More tokens will be listed on an ongoing basis; check here for the latest list of tokens offered.
With the launch, we're now the largest global crypto exchange offering direct AUD deposits and withdrawals to local users. Our spot and derivatives products are offered by two entities:
OTC spot trading services are available to all users in Australia via OKX Australia Pty Ltd., which is a locally incorporated entity registered with AUSTRAC.
Derivatives (futures, options and perpetual swaps) trading services will only be offered to verified wholesale clients within the meaning of the Corporations Act 2001 (Cth) via OKX Australia Financial Pty Ltd., a local entity which holds an Australia Financial Services (AFS) license regulated by ASIC, and is also AUSTRAC registered.
Verified wholesale clients* will also be able to access low-latency, secure derivatives trading, which includes futures, options and perpetual swaps. In order to access derivatives trading, users must meet stringent eligibility criteria consistent with the requirements under the Corporations Act 2001 (Cth).
The Global Context
We're steadily building our global presence, and recently launched our exchange in Türkiye, Argentina and Brazil. In March, we received In-Principle Approval for a Major Payment Institution (MPI) license in Singapore and also received our Virtual Asset Service Provider (VASP) license in Dubai in January.
We're committed to earning users' trust, and are proud to be among the first in the crypto industry to publish monthly Proof of Reserves to validate full backing of user funds held on the platform. Using open-source verification tools, users can independently confirm that their assets are backed by our reserves. Since launching Proof of Reserves in late 2022, we have published 18 consecutive monthly snapshots while driving the industry's adoption of new and improved reporting standards.
Over the past several years, we've invested in global brand partnerships, some of which have an Australian connection. In addition to being a top sponsor of English Premier League champions Manchester City FC, the Majesticks LIV golf team and the presenting partner of the iconic Tribeca Film Festival, we are a top partner of McLaren Formula 1 team, which counts native Aussie Oscar Piastri as a driver. We also sponsor the well-known Australian Olympian snowboarder Scotty James. We're here for the long haul and look forward to serving our Australian users with our leading products and services.
*Derivatives and margin related products and services will be provided to verified wholesale clients only by OKX Australia Financial Pty Ltd, provided that they pass a suitability assessment and meet the definition of a wholesale client as set out in the Corporations Act 2001 (Cth)
Learn more at okx.com
