According to the Chief Marketing Officer of OKX, Australians are well-informed and highly interested in cryptocurrency. This situation has prompted the Seychelles-based exchange to announce its plans to expand its provisions to Australia, which it deems a ripe cryptocurrency adoption market.
The move follows an increasing demand for cryptocurrencies in the country, with a growing number of Australians seeking to invest in digital assets. OKX hopes to capitalize on this trend by offering its suite of crypto services to the Australian market, including its highly-rated trading platform and a wide range of cryptocurrencies.
Given the country’s burgeoning interest in cryptocurrency and blockchain technology, the exchange’s decision to expand its operations to Australia is no surprise. OKX, in a statement released on March 29, has expressed that it sees Australia as a critical market for growth in the future.
The exchange, which already issues services to more than a hundred nations, has now set its sights on the Australian market. OKX has been expanding its operations over the past year, registering a provisional permit in Dubai in July 2022.
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The exchange’s move to enter the Australian market aligns with its broader strategy to increase its presence in key global markets, particularly those with a growing demand for cryptocurrencies. With its sights firmly set on expansion, OKX is poised to take advantage of the rapidly evolving crypto landscape and position itself as a critical player in the industry.
In a statement, OKX has emphasized the significance of Australia in its growth strategy, calling it an essential part of its plans to expand its operations. The exchange has acknowledged the high level of cryptocurrency adoption in Australia and has expressed its commitment to the current market.
OKX has announced its intention to establish a local office in Australia and aims to build a strong presence there. The exchange recognizes the importance of having a local team to cater to the needs of Australian customers and provide them with the best possible service.
OKX hopes to strengthen its relationship with the Australian market by establishing a local presence and building a solid foundation for future regional growth.
The Reason behind OKX’s Decision
The Australian market aligns well with the firm’s vision of providing easy access to cryptocurrencies for institutions and individuals alike. Rafique’s assessment of the Australian market aligns with recent data that suggests a growing interest in crypto assets among Australians.
With OKX’s extensive range of services and its strong reputation in the industry, the exchange is well-positioned to meet the Australian market’s demands and cater to its crypto-savvy population’s needs.
A recent survey by Swyftx, an Australian cryptocurrency exchange, found that around one million Australians are anticipated to enter the cryptocurrency market next year. OKX’s Chief Marketing Officer, Haider Rafique, has expressed his admiration for Australia’s cryptocurrency startup scene and the potential for the exchange to tap into this emerging market.
However, it is worth noting that OKX has yet to apply with AUSTRAC, the licensing regime required to offer cryptocurrency services in Australia. OKX still needs to disclose the location of its potential office in Australia or the size of the team it plans to establish there.
Currently, OKX has a workforce of more than 1,750 employees. The exchange also registers for a Hong Kong Digital Token Service Provider permit. The expansion into Hong Kong and Australia comes after OKX announced its decision to halt its services and provisions to Canadians.