OKX, a password trading centre based in Seychelles, has signalled its intention to expand its password services to Australia, which the company feels is ready for the next wave of password choices.

'Australia is undoubtedly a key sales market for the company's strategic development, 'the trading website explained in a March 29 announcement. The company believes that it serves more than 100 countries. OKX expanded its business to Cyprus in August 2018 and won a temporary license in the United Arab Emirates in July last year.

For us, Australia is an integral part of this strategy and a key market for improving sales. Because passwords have been so strongly selected in Australia, our mission is the local market and is committed to building a strong local service, "the company wrote in a statement.

Haider Rafiqul, OKX's chief marketing officer, told Cointelegraph that the decision to expand Down Under was due to a "strong appetite" among Australians to invest in and trade new products for a large number of data encryption projects:

I have also seen interestingly over the past five to six years that Australian retail investors have shown great enthusiasm for exploring data encryption as a financial tool and transaction. When I got to OKX, I definitely saw this in terms of data traffic and Australians trying to explore OKX services.

Rafiqul believes that Australians are at the forefront of password teaching, which he hopes will make it easier for okx to hit the market.

"they are very familiar with encryption algorithms, the value of blockchain, and their future market prospects. I think as a company, it is becoming more and more interesting for us to expand our own services in this industry," he added.

"I think the value we can bring to Australians will eventually further enhance all ships."

About 1 million Australians will use passwords for the first time in the next 12 months, about 4 per cent of the Australian population, according to a September survey by Swyftx, an Australian password trading centre.

Rafiqul said he was also impressed by the Australian password start-up scenario.

According to statistics, the online trading platform has not applied for registration with AUSTRAC, and AUSTRAC needs to approve the rules and regulations needed to provide digital money services in Australia.

OKX did not say where the Australian service is likely to be located or how big the team is. According to LinkedIn, OKX currently has more than 1750 employees.

Rafiqul confirmed that OKX is also applying for a virtual asset service provider (VASP) license plate in Hong Kong.

The expansion to Australia and Hong Kong comes as okx recently announced its intention to end its services to Americans in June.

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