OKX has released their ‘Responsibility Report,’ providing insight into how their platform aims to: safeguard customer assets, help prevent fraud, operate within the Australian regulatory environment and promotes platform stability.
As noted in the update from digital assets firm OKX, 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: Their 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: Their 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: Their 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, their Australia platform has reportedly 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.”
Their platform’s monthly trading volumes have “quadrupled since July 2024.”
The report follows Kate Cooper‘s appointment as theirAustralia 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.”
As clarified in the update, 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).”