OKX Interested in Expanding Crypto Operations in Australia

OKX, a leading cryptocurrency exchange and Web3 technology company, voiced its interest in expanding its operations in Australia, a country that the firm considers a key growth market for its businesses, according to Cointelegraph.

The announcement was made at an exclusive event for Australia’s crypto community at the Melbourne Arts Centre.

OKX will start its activities in the country by sponsoring the McLaren F1 Team car driven by Australian Lando Norris and Oscar Piastri of Australia. However, the crypto exchange has not yet registered with AUSTRAC, the Australian licensing regime required to offer cryptocurrency services.

Celebrations in Melbourne are in full swing as #OKX announced opening our office in Australia! 🇦🇺

Big s/o to OKX partners @danielricciardo, @scottyjames31, @oscarpiastri, our team & frens for joining the fun 🏆 pic.twitter.com/m9rvVOmwYq

— OKX (@okx) March 29, 2023

In this regard, Chief Marketing Officer at OKX Haider Rafique attributed the company’s interest in expanding in Australia to being an indispensable part of this strategy and a key growth market in addition to the huge appetite of Australians for more crypto investment and trading products.

In statements to Cointelegraph, Rafique pointed out: “What I’ve interestingly found over the last 5-6 years is that Australian retail investors certainly show a huge appetite for exploring crypto as an investment vehicle and also for trading. When I came to OKX, I certainly saw that in terms of web traffic and people from Australia trying to explore OKX services.”

He believed that Australians have a big awareness of crypto and the value of blockchain and their potential therefore his company’s mission in the country will go smoothly, expressing his impression about the Aussie start-up scene.

It is worth mentioning that OKX is offering its crypto services in 100 countries around the world and obtained a provisional license in Dubai in July 2022. It holds reserves among major exchanges at $8.9 billion.

In September 2022, a survey by Australian crypto exchange Swyftx found that about one million Australians (4% of the population) are predicted to enter the crypto industry for the first time within the next 12 months.