Crypto exchange OKX has announced its plans to expand into the Australian market after returning $157 million in frozen assets from the bankrupt crypto firms FTX and Alameda Research. The funds were seized in November 2022 following FTX's collapse.
In a statement released on March 29, OKX stated that its early investigations revealed that there were assets and accounts related to the two entities. As a result, it had decided to return all of the frozen funds, which will be done through an escrow account.
"We understand how important it is for users to have confidence in our platform," said Jay Hao, CEO of OKX. "Our team worked tirelessly to ensure that we could recover these funds and return them safely."
Hao also added that this move demonstrated their commitment towards building trust with their customers while ensuring that they receive top-notch services from the company.
Meanwhile, the decision by OKX to expand into Australia is seen as part of its efforts towards global expansion. The company stated that it was looking forward to bringing its products and services closer to Australian customers while offering them access to more markets.
"Expanding into Australia is an exciting opportunity for us," said Hao. "We believe our presence here will enable us not only to provide better service but also contribute positively towards enhancing innovation within Australia's growing crypto industry."
The announcement comes at a time when cryptocurrency adoption is gaining traction globally despite regulatory challenges facing some jurisdictions around the world. With this move by OKX, Australians can look forward to enjoying more options when trading cryptocurrencies on various exchanges operating within their country.
Overall, this development highlights how cryptocurrency exchanges are playing a crucial role in shaping and driving innovation within the digital asset space globally while working hard towards building trust with their users through transparency and accountability measures.