In a statement released on March 29, OKX announced its intention to expand its crypto services to Australia, citing the country’s strong adoption of cryptocurrency. The exchange, which provides services to over 100 countries, has already expanded its operations into Malta in August 2018 and secured a provisional license in Dubai in July 2020.
OKX sees Australia as an indispensable part of its growth strategy and a key growth market, stating that it aims to build a strong local office. The exchange’s move into the Australian market is fueled by the high demand for cryptocurrency among Australian retail investors.
According to Jay Hao, CEO of OKX, Australian retail investors have shown a massive appetite for exploring crypto as an investment vehicle and for trading. He noted that since he came to OKX, the web traffic from Australia and the number of people trying to explore OKX services from Australia has been significant.
The exchange’s Head of Global Operations, Grant Rafique, believes that Australians are ahead of the curve in terms of crypto education, which he hopes will make OKX’s move into the market even smoother.
Australia’s cryptocurrency industry has been growing steadily, with an increasing number of Australians investing in digital assets. A report by the Cambridge Centre for Alternative Finance revealed that Australia’s cryptocurrency sector grew by 20% in 2020, with the number of active crypto users doubling in the last 12 months.
The expansion into the Australian market is part of OKX’s broader strategy to become a global leader in the crypto industry. By expanding its services to more countries, the exchange hopes to provide more people with access to digital assets and facilitate the adoption of cryptocurrency worldwide.
Overall, OKX’s move to expand its services to Australia is a significant development in the country’s crypto industry, as it is likely to bring more competition and further increase the adoption of digital assets among Australians.