According to a Tuesday (September 16) report, the platform offers “institutional-grade” custody, multi-signature wallets and monthly proof-of-reserves covering 22 highly traded assets.
“Trustees have been crying out for institutional-grade infrastructure that doesn’t compromise on compliance or security. That’s exactly what we’ve built,” OKX Australia CEO Kate Cooper told Crypto News Australia.
The platform is set to provide Australian investors the opportunity to purchase and monitor their SMSF digital asset investments.
Both individual and corporate trustees in Australia may utilise the program. Accountants and auditors may also oversee portfolio performance and exportable end-of-year financial reports.
OKX said that it has allotted Australia-based customer support to efficiently assist beginners and users.
While this platform marks OKX’s debut in Australia, this isn’t the first crypto platform in the country. There’s Binance, arguably the most prominent of its kind in Australia, as it offers users up to 125 times more leverage. Binance was developed in China and later moved to Japan.
According to its website, Binance also maintains a US$1 billion insurance fund to safeguard its customers against platform risks.
Another well-known platform is Coinbase Australia, whose parent company, Coinbase, is also based in California.
On September 2, local news reported that Coinbase tapped into Australia’s SMSF market with their own platform, also “designed to integrate digital assets into retirement portfolios through streamlined services.”
While OKX did not mention this in their reveal, it can be inferred that their launch is a direct or indirect competitor of Coinbase’s said platform.
Consulting firm KPMG said in a June report that SMSFs make up 28 percent of Australia’s total AU$4 trillion superannuation market.
The crypto market in Australia, in general, still poses both a danger and opportunity.
In July, an expose revealed that elderly Australians had fallen victim to crypto ATM scams amounting to over AU$2.5 million.
According to the report, local police said that people from Tasmania lost the said amount in total after being manipulated into depositing large amounts of cash into crypto ATMs. False promises of returns, fake romance and impersonation of authorities were cited as scam methods, with 65-year-olds as the average victims.
Australia said that regulators are responding, with cash limits now imposed on crypto ATM transactions.
That same month, a crypto market review predicted Bitcoin may break a new all-time high in the second half of 2025 and art NFTs may see a rise in interest again.
This recent flurry of announcements follows a May decision by Australian judge Michael O’ Connell that ruled Bitcoin is “comparable” to Australian dollars.
The ruling proposed Bitcoin be exempt from the capital gains tax, saying that it is more similar to Australian dollars than it is to gold or shares.
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Securities Disclosure: I, Gabrielle de la Cruz, hold no direct investment interest in any company mentioned in this article.
