The OKX cryptocurrency exchange’s management has revealed plans to establish a new office in Australia, citing the country’s strong potential for growth and development of the trading platform as a key factor.
According to Haider Rafique, OKX’s Chief Marketing Officer, Australia is poised for a new era of crypto adoption and is a crucial market for the company.
Rafique noted that there has been significant interest in cryptocurrencies among Australian retail investors over the last 5-6 years, making it an attractive market for expansion.
The decision to expand into Australia was driven by the strong demand for crypto-currency products among the local population. However, the location and size of the new division are yet to be confirmed.
It’s worth noting that the exchange has not yet registered with the Australian Center for Accounting and Analysis of Financial Transactions (AUSTRAC) for the legal provision of cryptocurrency services to local users.
However, the company is in the process of obtaining a license for a virtual asset service provider (VASP) in Hong Kong.
In June last year, the exchange received temporary registration from the Dubai Virtual Assets Regulatory Authority (VARA).
It’s also important to mention that OKX recently made the decision to halt its services for Canadian traders in order to avoid potential regulatory issues.
Overall, the company’s expansion plans into Australia represent a significant step towards realizing its global ambitions.