Crypto Exchange OKX to Open New Office in Australia

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Crypto Exchange OKX is Eyeing Expansion to Australia

Written by Gile K.,

Market Sentiment Analyst

Last Updated: October 05, 2023

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After closing down its offices in Canada, OKX is looking to expand in the Asia Pacific region.

OKX, a cryptocurrency exchange established in 2017, has revealed plans to expand its crypto services to Australia.

On March 29th, the trading platform released a statement indicating that Australia is a key growth market for the company. On top of that, OKX believes that Australia will serve as a prime location for the next surge in crypto adoption.

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OKX offers services in more than 100 countries, with the most recent expansions in Malta and Dubai.

The company expressed its dedication to the Australian market in the statement, claiming:

We see Australia as an indispensable part of this strategy and a key growth market. With such a strong uptake of crypto in Australia already, we're committed to the local market and aim to build a strong local office.

OKX's Chief Marketing Officer, Haider Rafique, claimed that the decision to expand to Australia was driven by the nation's "huge appetite" for more crypto-related services.

What I've interestingly found over the last 5-6 years is that Australian retail investors certainly show a huge appetite for exploring crypto as an investment vehicle and also for trading. When I came to OKX, I certainly saw that in terms of web traffic and people from Australia trying to explore OKX services.

In addition to the strong demand, Rafique emphasized the high level of crypto education among Australians, which he expects will ease OKX's move into the market.

On top of that, Rafique shared his excitement about the move claiming that "the value creation <OKX> can do for Australians will ultimately lift all boats."

It remains unclear whether the trading company has already registered with the Australian licensing body AUSTRAC.

However, it appears that OKX is looking to expand even further. Haider Rafique confirmed that the company is in the process of applying for a Virtual Asset Service Provider (VASP) license in Hong Kong. The news comes shortly after OKX announced that it will be leaving Canada.