Euronext continues global expansion with Australian listing

The world’s leading digital asset exchange, Ouyi Exchange (OKX), has officially begun operations in Australia, marking a major milestone since May 2023 when it opened an office in Sydney. The launch, announced on Tuesday, enables spot trading for all users, as well as derivatives trading for verified wholesale clients in the country.

Australia’s Growing Cryptocurrency Adoption
Australia has become an attractive market for cryptocurrency exchanges due to its cryptocurrency-savvy population.A survey by Koinly shows that as of July 2023, 31.6% of Australians hold or have held cryptocurrencies. Furthermore, cryptocurrency ownership in the country has been increasing since 2019, with 1 in 4 adults now owning some form of cryptocurrency.

However, the Australian government has recently stepped up scrutiny of cryptocurrency exchanges, requesting data on 1.2 million accounts in an effort to crack down on users who fail to pay taxes amid growing interest in crypto tokens.

Despite growing regulatory concerns, the Australian Securities Exchange (ASX) is considering approving its first spot bitcoin (BTC) exchange-traded fund (ETF) by the end of 2024. The move is expected to trigger a surge in bitcoin investment options for Australian users, further boosting the country’s growing cryptocurrency adoption.

The expansion comes on the heels of OKX’s recent successes, including receiving in-principle approval for a payment license in Singapore and launching operations in Turkey earlier this year. The launch in Australia is part of OKX’s ongoing commitment to expansion, the company explained in an X post:

We are now the world’s largest cryptocurrency exchange offering AUD on ramp and spot pairs. […] As part of our long-term commitment to the Australian market, we look forward to continuing to improve our offering to better serve the local crypto community.

At launch, spot trading users will have access to 170 crypto spot pairs and a total of 85 tokens, including popular cryptocurrencies such as Bitcoin, Ether, Solana and Tether. Ouyee Australia plans to add more tokens in the coming months, said Jamie Kennedy, general manager of OKX Australia:

Australian crypto users deserve […] Australian dollar pairs of the most popular cryptocurrencies. My job is to ensure that while we provide the best possible product, we also invest in compliance and security to give our users peace of mind. I’m proud to say that we’ve assembled a great local team that will ensure that Euronext contributes to Australia’s crypto industry for years to come.