Seychelles-based cryptocurrency exchange OKX is setting its sights on expanding into the Australian market, following the closure of its Canadian offices.
OKX recently ceased operations in Canada, citing a lack of regulatory clarity as the reason for its departure. The move comes as part of a wider strategic shift by the exchange towards focusing on markets with clear and supportive regulatory frameworks.
The Asia Pacific region has been identified as a key area for growth by OKX, with Australia seen as an attractive destination due to its well-established financial sector and growing interest in cryptocurrencies.
Speaking about the company's plans for expansion, OKX CEO Jay Hao said:
"We are excited about our prospects in Australia and believe that there is significant potential for us to build a strong presence there. Our focus will be on providing users with a safe, reliable and user-friendly platform that meets their needs."
Hao added that the company was committed to working closely with regulators in any new market it enters, ensuring compliance with local laws and regulations.
Despite facing increasing competition from established players such as Binance and Coinbase, OKX remains optimistic about its future prospects. The exchange has gained a reputation among traders for offering competitive fees and advanced trading features such as margin trading.
With plans now underway to expand into one of the world's most promising cryptocurrency markets, it seems likely that we will be hearing more from this Seychelles-based exchange in the months ahead.