- OKX has unveiled Australia as the latest region it will offer its services.
- The exchange will offer diverse services to a range of users.
- OKX recently exited the Indian and Nigerian crypto markets amid regulatory uncertainties.
The present year has seen significant expansion for various crypto exchanges, marked by global market growth and new market entries. Despite tightening regulatory pressure across major regions, several crypto service providers have continued to broaden their reach.
Now joining the ranks is crypto exchange OKX, which has added yet another county to its list.
OKX Enters Australia
In a blog post on Tuesday, May 14, OKX announced its entry into the Australian market by launching a spot and derivatives crypto trading platform to serve investors within the region.
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The entry, which follows its acquisition of the Australia Financial Services (AFS) license, will allow local investors to access Australian Dollar (AUD) deposit and withdrawal options. This will provide access to 85 crypto asset options, including stablecoins, and over 170 crypto spot pairs.
Users can access services, including peer-to-peer trading and affiliated platforms such as MoonPay, Simplex, and Banxa. Additionally, all Australian users will gain access to OKX’s spot trading options, while only select verified institutional clients will have access to its derivatives trading.
OKX’s Australia venture marks a win for the exchange, particularly following the regulatory uncertainty it has faced in other regions.
OKX Taps Out of Crypto Markets
In March 2024, the exchange announced its exit from the Indian market, citing mounting local regulatory hurdles as the key reason behind the decision.
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OKX mandated Indian users to close their accounts and redeem funds, setting an April 30 deadline for the complete shutdown of its services within the region. The exchange’s decision was fueled by its inability to reach an agreement with India’s Financial Intelligence Unit (FIU), which commenced a regulatory crackdown earlier in the year.
India was not the only region the exchange withdrew from. On May 3, OKX dropped support for Nigeria’s local currency, the Naira. This move came amid the country’s broader tussle with crypto service providers, imposing sanctions and restrictions on their services.
Citing “a change in local market requirements,” the exchange emphasized that the Naira peer-to-peer option will no longer be available, and its official website remains inaccessible to local investors.
Read more about the reported regulatory troubles for OKX earlier this year, prior to its entry into Australia:
OKX Caught in South Korean Crypto Crackdown: Probe Underway?
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