We've just published our inaugural 'Responsibility Report,' providing detailed insight into how our platform safeguards customer assets, helps prevent fraud, operates within the Australian regulatory environment and promotes platform stability.
The 'Responsibility Report' outlines four core pillars:
Proof of Reserves (PoR): The report details our robust transparency system, providing real-time verification of 1:1 asset backing. Users can independently verify the platform's reserves through a Merkle tree proof system, demonstrating our commitment to maintaining full custody of customer assets at all times.
Compliance and licensing: Our Australia platform operates within the Australian regulatory framework through its AUSTRAC registration for spot trading and holds an Australia Financial Services (AFS) license issued by ASIC to currently offer derivatives trading to verified wholesale clients*. The report outlines how our platform addresses regulatory requirements, including rigorous KYC procedures and regular reporting protocols.
Information security and fraud risk management: Our platform employs multi-layer security architecture and sophisticated fraud detection measures to help protect user assets and data. This includes advanced encryption protocols, regular security audits, and cutting-edge monitoring systems designed to detect and prevent unauthorised access and suspicious activities.
Local team: Our Australia platform has a dedicated Australia-based team committed to regulatory compliance, security and user support tailored to this market. The report highlights our platform's investment in local expertise, including dedicated compliance and technical support staff to serve the Australian market.
The report's release comes at a pivotal time, coinciding with Policy Week in Sydney (10-14 March, 2025) and ahead of the anticipated federal election later this year. This underscores our Australia platform's commitment to transparency during this crucial period for crypto regulation in Australia.
Since its May 2024 launch, our Australia platform has established itself as a key player in the local crypto market, offering 511 crypto pairs and 285 tokens, including newly introduced SOL/AUD and XRP/AUD trading pairs, alongside advanced features like Recurring Buy functionality. Our platform's monthly trading volumes have quadrupled since July 2024.
The report follows Kate Cooper's appointment last week as our Australia CEO. Cooper, a member of the Digital Economy Council of Australia (DECA), brings over 20 years of experience from senior roles at Zodia Custody, National Australia Bank (NAB) and Westpac. OKX Australia is registered with AUSTRAC for spot trading and holds an Australia Financial Services (AFS) license issued by ASIC to currently offer derivatives trading to verified wholesale clients*.
The full 'Responsibility Report' is available at: okx.com/en-au/landingpage/australia-responsibility-report
*Derivatives and margin related products and services will be provided to verified wholesale clients only by OKX Australia Financial Pty Ltd, provided that they pass a suitability assessment (if applicable) and meet the definition of a wholesale client as set out in the Corporations Act 2001 (Cth).
Disclaimer
Information about: digital currency exchange services is prepared by OKX Australia Pty Ltd (ABN 22 636 269 040); derivatives and margin by OKX Australia Financial Pty Ltd (ABN 14 145 724 509, AFSL 379035) and is only intended for wholesale clients (within the meaning of the Corporations Act 2001 (Cth)); and other products and services by the relevant OKX entities which offer them (see Terms of Service - Australia). Information is general in nature and should not be taken as investment advice, personal recommendation or an offer of (or solicitation to) buy any crypto or related products. Crypto trading can be high risk. You should do your own research and obtain professional advice, including to ensure you understand the risks associated with these products, before you make a decision about them. Past performance is not indicative of future performance - never risk more than you are prepared to lose.
Read OKX's Terms of Service - Australia for more information.
