OKX Seeks Australian Expansion Citing ‘Huge Appetite’ For Crypto

Seychelles-based crypto exchange OKX has signaled its intention to expand its crypto services to Australia, a country it believes is ready to take on the next wave of crypto adoption.

The trading platform explained in a statement on March 29 that Australia would be an important growth market for the company going forward. The company states that it provides services to over 100 countries. In July 2022, it secured a provisional license in Dubai.

“We see Australia as an indispensable part of this strategy and an important growth market. With such a strong uptake of crypto in Australia already, we are committed to the local market and aim to build a strong local office,” the firm wrote in a statement.

Haider Rafique, the Chief Marketing Officer of OKX told Cointelegraph that the decision to expand “Down Under” was driven by a “huge appetite” among Australians for more crypto investment and trading products:

“What I have found interesting over the last 5-6 years is that Australian retail investors are certainly showing a huge appetite to explore crypto as an investment vehicle and also for trading. When I came to OKX, I saw that in terms of online traffic and people from Australia trying to explore OKX services.”

Rafique believes Australians are above the curve when it comes to crypto education, which he hopes will make OKX’s transition to market all the smoother.

“They are quite familiar with crypto, the value of blockchain, the promise it holds in the future, and I think from us as a company, that makes it very exciting for us to expand our services in this market,” he said, adding:

“I think the value creation we can do for Australians will ultimately lift all boats.”

A September 2022 survey by Australian crypto exchange Swyftx found that around 1 million Aussies are expected to enter crypto for the first time in the next 12 months, representing about 4% of the country’s population.

Rafique said he was also impressed with Australia’s crypto startup scene.

It is understood the trading firm has not yet registered with AUSTRAC, the licensing regime required to offer cryptocurrency services in Australia.

OKX was not yet in a position to share where the Australian office would potentially be located or how large the team would be. OKX currently employs over 1,750 people, according to LinkedIn.

Related: OKX’s latest proof of reserves reveals $8.9 billion in assets

OKX is in the process of applying for a Virtual Asset Service Provider (VASP) license in Hong Kong as well, Rafique confirmed.

The expansion plan to Australia and Hong Kong comes as OKX recently announced plans to end its services to Canadians in June.

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