OKX, a prominent crypto exchange, has initiated its Australian-focused operations under a locally regulated entity as part of its strategic expansion across the Asia-Pacific region. The official launch of OKX's services in Australia was announced by President Hong Fang during a media event held in Sydney on May 14.

In a statement shared with Cointelegraph, OKX Australia's General Manager, Jamie Kennedy, emphasized the importance of providing Australian crypto users with a secure and user-friendly platform that caters to their needs. This includes seamless access to banking services and the availability of AUD pairs for popular cryptocurrencies. OKX has highlighted that Australian users will have access to 170 crypto trading pairs through their platform.

Last year in March, OKX expressed its intention to establish a presence in Australia, citing a significant demand for crypto in the region and identifying Australia as a key market for growth. The transition of OKX's Australian services from a Seychelles-based entity to on-shore entities, OKX Australia Pty Ltd for crypto exchange and fiat services, and OKX Australia Financial Pty Ltd for derivatives and margin products, took place on March 20.

Compliance with Australian regulations necessitates that local users undergo a suitability assessment and meet the criteria of a wholesale client as mandated by the Corporations Act 2001. To adhere to local laws, OKX has ceased offering copy trading, yield-bearing products, and trading of certain tokens, with unsupported tokens limited to withdrawal-only transactions since March 20.

Despite these regulatory adjustments, OKX remains a significant player in the crypto exchange landscape, ranking as the third-largest exchange globally by volume, trailing behind Bybit. With a reported $2.8 billion in trading volume over the past day, OKX continues to maintain a strong presence in the cryptocurrency market.