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Popular cryptocurrency exchange OKX has expanded its services to meet the needs of its growing customers in Australia. On August 19, the company announced the launch of the Australian dollar (AUD) trading pairs on its platform.
According to a press release published, the new addition positions the company as the “largest global exchange” to offer order book-based AUD pairs for spot trading in the country.
OKX Continues Expansion in Australia
Starting today, crypto traders in Australia, will be able to buy and sell major cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH), Tether (USDT) and USD Coin (USDC), directly against the local fiat currency.
The move comes nearly three months after OKX expanded its global footprint to Australia in May. At the time, the company launched a regional platform dedicated to servicing users in the region.
Through this platform, users could access the company’s spot market, along with derivatives trading for verified wholesale clients.
The exchange also provided local customers with the ability to deposit and withdraw AUD via local banks, and access express buy/sell and convert functions, making it easier for them to engage with the crypto market.
However, the company has further bolstered its presence in the country with the introduction of AUD trading pairs. According to Jamie Kennedy, the regional manager of OKX Australia, the new offering is a direct response to meet the demands of local traders.
“The addition of the crypto-AUD trading pairs is a direct response to the demand of our customers in Australia, and a solid result of our team’s diligent work in bringing the best and localized products to the market,” he said.
Driving Adoption in the Australian Crypto Market
Kennedy believes that this new offering will play a significant role in driving the adoption of the emerging economy in Australia, as local users can now buy BTC directly using their fiat currency.
“We believe that offering local fiat trading capabilities is crucial to driving adoption and development of the local crypto ecosystem, and we’ll continue investing and introducing new, tailored products to help us realize our vision,” he added.
Meanwhile, OKX has been steadily expanding its global footprint since the start of this year. In June, the company announced that it had extended its services in Europe with the launch of a dedicated platform for users in the European Economic Area (EEA).
Shortly after the launch, the exchange expanded to the Netherlands, allowing Dutch users to access both its digital assets trading platform and Web3 wallet.
According to the announcement in June, the firm teamed up with a local payment provider called iDeal to enable users to deposit European euros into their trading accounts. This integration allows traders to easily fund their accounts to buy up to 150 different cryptocurrencies available on the platform.
In early 2024, OKX secured a regulatory license in Dubai, enabling it to bring its full suite of products to the market. That same period, the company won another license in Singapore.
