OKX, the cryptocurrency exchange, has decided to shift its focus in Australia to a locally licensed firm as part of its expansion plans in the Asia-Pacific region. According to OKX president Hong Fang, the Australian market is not receiving the recognition it deserves. At a press conference in Sydney on May 14, Fang emphasized the company’s belief in the potential of the Australian market, stating that there is a “huge appetite” for cryptocurrency among both experienced traders and those who are interested but haven’t invested yet. OKX has been establishing its presence in Australia since March of last year and has seen a positive response from its “dynamic customer base” in the country.
However, complying with local regulations, OKX Australia Pty Ltd and OKX Australia Financial Pty Ltd, which manage the exchange’s services for Australians, have made changes to ensure compliance. These changes include requiring local consumers to undergo a suitability assessment and meet the criteria of being a wholesale customer under the Corporations Act 2001. Despite the regulatory constraints, Fang praised Australian authorities for their open and transparent engagement.
To align with local regulations, OKX has also made adjustments to its offerings. Copy trading, yield-bearing products, and trading of certain tokens have been discontinued, and withdrawals have been limited to supported tokens only since March 20.
In other crypto news, the Bitcoin Runes Protocol is facing challenges in maintaining its momentum. 