OKX Sets Its Sights on Australia: A New Wave of Crypto Adoption

OKX Announces Expansion into Australia

In a dramatic turn of events in the cryptocurrency space, Seychelles-based exchange OKX has thrown its hat into the Australian crypto ring. On March 29, the company revealed its plans to launch local services and even hinted at setting up an office right in the heart of Oz. This move comes at a time when Australia is primed for the next wave of cryptocurrency adoption.

Why Australia?

According to a statement from OKX, Australia stands out as a pivotal market for growth. The company, which already provides services to over 100 countries, sees significant potential in the land down under. The plan includes a commitment to developing a robust local office to cater to an audience that’s already snuggling up to crypto with open arms.

Celebrating with Local Stars

The announcement didn’t go unnoticed! OKX recently had a star-studded celebration in Melbourne with local icons such as Formula 1 driver Daniel Ricciardo and snowboarding champ Scotty James, adding an extra layer of excitement to their Aussie endeavor.

Australians’ Hunger for Crypto

Haider Rafique, OKX’s chief marketing officer, elaborated on why this expansion is not just a whim. He noted Australians’ “huge appetite” for crypto investments and trading products has only grown over the last few years. In fact, a recent survey by another local exchange indicated that about 1 million Australians may venture into crypto for the first time within the next year. Talk about a crypto influx!

What’s Next for OKX?

While it’s evident that OKX is gearing up for an exciting journey in Australia, there’s still some bureaucratic heavy lifting left to do. Currently, the exchange hasn’t registered with AUSTRAC, which is the licensing body for crypto services in Australia. The company mentioned that details surrounding the office’s location and the size of the team are still under wraps. But with over 1,750 employees globally, it’s likely they’ll recruit local talent to support their newest venture.

A Global Push

Interestingly, OKX isn’t just looking at Australia; they’re also applying for a Virtual Asset Service Provider (VASP) license in Hong Kong. This dual-location strategy indicates a robust global expansion plan, but it raises eyebrows with their recent announcement to cease services in Canada. All in all, it seems like OKX is shaping up to be a significant player in the world of cryptocurrency trading.