Crypto Exchange OKX Seeks Growth in Australia Due to High Market Demand

Seychelles-based crypto exchange, OKX, is planning to expand its services to Australia, citing the country’s potential for widespread crypto adoption. Haider Rafique, OKX’s Chief Marketing Officer, believes that Australians are already ahead of the curve when it comes to crypto education and interest.

According to a statement from the exchange, Australia is an “indispensable part” of its growth strategy and the company is committed to building a strong local office there. OKX provides services to over 100 countries worldwide and has previously expanded to Malta and Dubai.

Rafique explained that OKX’s decision to expand to Australia was driven by the country’s “huge appetite” for crypto investment and trading products. He added that Australian retail investors have shown a significant interest in exploring cryptocurrencies as an investment vehicle and for trading.

Moreover, Rafique noted that Australians are familiar with the value of blockchain and the potential that it holds for the future. This understanding of the technology and its potential for growth is why OKX is excited to extend its services in the market.

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

Despite OKX’s plans for expansion, it has not yet registered with AUSTRAC, the licensing regime required to offer cryptocurrency services in Australia. Rafique was not in a position to share where the Australian office would be located or how large the team would be. However, OKX currently employs over 1,750 staff worldwide.

In addition to Australia, OKX is also applying for a Virtual Asset Service Provider (VASP) license in Hong Kong. This expansion plan comes as the company announced its intention to cease services to Canadians in June.