Seychelles-based cryptocurrency exchange OKX has expressed its intention to expand its cryptocurrency services to Australia, which it believes is ready for the next wave of cryptocurrency adoption.
Australia will be a key growth market for the company going forward, the trading platform explained in a statement on March 29. The company says it serves more than 100 countries. In August 2018, OKX expanded its operations to Malta, and last July, it received a provisional license in Dubai. “We see Australia as an integral part of this strategy and a key growth market. Given the level of acceptance of cryptocurrencies in Australia, we are committed to the local market and aim to build a strong local office, ’ the company wrote in a statement.
Haider Rafique, OKX’s chief marketing officer, told Cointelegraph that the decision to expand “Down Under” was driven by the “huge appetite” of Australians for more crypto investing and trading products: "Over the past 5-6 years, I've found it interesting that retail investors in Australia have definitely shown a huge interest in exploring cryptocurrencies as investment vehicles and trading. When I came to OKX, I really saw the web traffic and the Australian people trying to explore the OKX service.”
Rafique believes Australians are leading the way in crypto education, which he hopes will make OKX's market entry smoother. "They're very familiar with cryptocurrencies, the value of blockchain and what it might hold in the future, and I think from our company's perspective, it makes it really interesting for us to expand our services in this market," he said, adding :
"I think the value we can create for Australians ultimately lifts all boats." A September survey by Australian cryptocurrency exchange Swyftx found that about one million Australians are expected to enter the cryptocurrency space for the first time in the next 12 months, representing about 4% of the country’s population. Rafique said he was also impressed by the cryptocurrency startup scene in Australia. It is understood the trading firm has not yet registered with AUSTRAC, the licensing regime required to provide cryptocurrency services in Australia.
OKX has not yet been able to say where the Australian office might be located or how big the team will be. According to LinkedIn, OKX currently has more than 1,750 employees. Rafique confirmed that OKX is also applying for a virtual asset service provider (VASP) license in Hong Kong. Plans to expand into Australia and Hong Kong come as OKX recently announced plans to stop serving Canadians in June.
