OKX, a Seychelles-based crypto exchange, has announced plans to expand its crypto services to Australia, a country it feels is poised to lead the next wave of crypto adoption.
In a March 29 release, the trading platform stated that Australia would be an important growth area for the company in the future. According to the company, it serves over 100 nations. It obtained a temporary license in Dubai on July 2022.
“With such a significant acceptance of cryptocurrency in Australia already, we’re committed to the local market and intend to develop a robust local office,” the company said in a statement.
OKX’s chief marketing officer, Haider Rafique, told Cointelegraph that the decision to expand “Down Under” was motivated by a “great thirst” among Australians for more crypto investment and trading products:
“What I’ve found interesting over the last 5-6 years is that Australian retail investors have a huge appetite for exploring crypto as an investment vehicle and also for trading, which I certainly saw when I came to OKX in terms of web traffic and people from Australia attempting to explore OKX services.”
Rafique feels that Australians are ahead of the curve in terms of crypto education, which he expects will smooth OKX’s entry into the market. “They’re pretty familiar with crypto, the value of blockchain, the promise that it holds in the future, and I think it makes it really interesting for us as a company to extend our services in this market,” he said, adding, “I think the value creation we can do for Australians will eventually lift all boats.”
According to a September 2022 study conducted by Australian crypto exchange Swyftx, over 1 million Australians, or roughly 4% of the country’s population, are projected to invest in cryptocurrency for the first time during the following 12 months.
Rafique expressed his admiration for Australia’s crypto startup environment, although it is believed that the trading firm has yet to register with AUSTRAC, the regulatory framework required to provide bitcoin services in Australia.
OKX was unable to specify where the Australian office could be located or the size of the team, despite the fact that the company already employs over 1,750 people, according to LinkedIn.
Rafique said that OKX is in the process of applying for a Virtual Asset Service Provider (VASP) license in Hong Kong as well. The expansion into Australia and Hong Kong comes as OKX recently revealed plans to discontinue its services to Canadians in June.
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