How to Complete KYC for Australian Users on OKX?

Australian users can complete KYC verification on OKX, and OKX holds compliant operating qualifications in Australia – registered with AUSTRAC and holds an Australian Financial Services License (AFSL) issued by ASIC. However, verification requirements vary for different functions: the basic KYC process for spot trading and fiat services aligns with global standards, while using derivatives like contracts and options requires additional "Wholesale Client" assessment.

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Prerequisites

Before you start, confirm the following:

1. You are an Australian resident, at least 18 years old.
2. You hold a valid Australian government-issued ID, such as an Australian driver's license, passport, or visa.
3. Prepare proof of address, like a recent utility bill or bank statement, for certain verification steps.
4. Understand the service distinction: basic trading (spot, fiat deposits/withdrawals) and derivatives trading (contracts, options) are operated by different entities, and their verification requirements differ.

Step 1: Confirm OKX's Compliance Qualifications in Australia

What to do: Understand OKX Australia's regulatory status, so you know your funds and trading are protected by compliance.

How to do it: Review the following information:

OKX operates in Australia through two entities:

• OKX Australia Pty Ltd: handles digital asset exchange and fiat services, registered with AUSTRAC (Australian Transaction Reports and Analysis Centre).
• OKX Australia Financial Pty Ltd (ACN 145 724 509, AFSL 379035): responsible for derivatives and margin products, holds an Australian Financial Services (AFS) licence issued by ASIC (Australian Securities and Investments Commission).

OKX Australia has a dedicated local compliance team and local CEO, and has published Australia's first "Responsibility Report" covering proof of reserves, compliance, and anti-fraud measures.

What counts as done: You are clear that OKX operates compliantly in Australia, supervised by AUSTRAC and ASIC.

Step 2: Register an Account and Complete Basic Identity Verification

What to do: Register through the OKX website or App, complete basic KYC to unlock spot trading and fiat deposit/withdrawal functions.

How to do it:

1. Open the OKX website or App, click [Sign Up], and register using your email or phone number. Australian users can use a +61 mobile number.
2. After registration, go to [User Center] > [Identity Verification].
3. Select "Australia" as your country/region of residence.
4. Fill in personal information as prompted: name, date of birth, residential address, etc., ensuring it matches your ID documents.
5. Upload photos of your ID, such as an Australian driver's license or passport information page.
6. Complete face verification (liveness check): remove glasses, hats, and ensure good lighting.
7. If required, upload proof of address (e.g., a utility bill or bank statement from the last 3 months).

What counts as done: Basic verification is approved, the page shows "Verified," and you can perform spot trading and AUD deposits/withdrawals.

Australian users can deposit, withdraw, and use third-party payment methods for AUD. Spot trading fees are the same as the global platform. However, P2P trading is not currently supported in Australia.

Step 3: If You Need Contract Trading, Complete the "Wholesale Client" Assessment

What to do: If you want to use derivatives like contracts, options, or margin, you need to pass an additional "Wholesale Client" assessment.

How to do it: Follow the steps below:

Under Australia's Corporations Act 2001, OKX Australia Financial Pty Ltd only provides derivatives services to users who qualify as "Wholesale Clients." You must complete these steps:

1. Complete basic KYC verification (Step 2).
2. Switch to the Australian entity account: In account settings, confirm your services have been taken over by OKX Australia.
3. Knowledge assessment: Complete an online knowledge test to assess your understanding of derivative trading and risk awareness. If you don't pass, you can retest after 24 hours; repeated failures will result in a 30-day suspension.
4. Submit the Wholesale Client certification form: Fill in and submit the relevant certification documents to prove you meet the Wholesale Client criteria (such as having substantial wealth or investment experience).
5. Submit supporting documents: Provide proof of wealth, investment experience, etc., as required for review.

Products accessible to Wholesale Clients include: perpetual contracts, futures, options, with leverage up to 20x (margin trading up to 10x).

What counts as done: After passing the knowledge assessment and document review, your account will be upgraded to a verified Wholesale Client, and you will have access to derivatives products.

Step 4: Wait for Review and Check the Result

What to do: After submitting the verification application, wait for the OKX review team to process it.

How to do it:

• Basic KYC verification usually completes within a few minutes to a few hours.
• The "Wholesale Client" review takes extra time, depending on the complexity of the document review.
• The review result will be sent via in-app notification, site message, or registered email.
• If rejected, the system will indicate the reason for rejection. Correct the information as prompted and resubmit. If a Wholesale Client application is rejected, you must wait until there is a material change in your circumstances before reapplying.

What counts as done: You receive a notification that the review is approved, and the corresponding feature permissions are unlocked.

Common Reasons for Failure

• Unclear ID photo: blurry, glare, incompletely framed, or using a scan/screenshot.
• Information mismatch with documents: name, date of birth differs from the original ID.
• Proof of address does not meet requirements: document older than 3 months, or name/address does not match the submitted information.
• Failed the Wholesale Client knowledge assessment: Did not reach the required score.
• Insufficient Wholesale Client supporting documents: submitted wealth or experience proof was not adequate to support the application.

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Risk Reminder

• Under Australia's Corporations Act 2001, choosing to use derivatives services as a Wholesale Client means you give up certain rights afforded to retail clients, including protections under specific disclosure and dispute resolution mechanisms. Make sure you fully understand this trade-off before applying.
• The Wholesale Client knowledge assessment is mandatory. You may only retest once every 24 hours, and multiple failures will result in a 30-day suspension.
• Australian tax requirements for cryptocurrency: Capital Gains Tax (CGT) applies to the disposal of crypto assets. It is recommended that you keep complete transaction records for tax reporting purposes.

Next Steps: Ensure you hold a valid Australian ID and proof of address, open the OKX App, select "Australia" as your country of residence, and follow the prompts to complete basic KYC. If you don't need contract trading, this step is sufficient. If you need contract features, after verification, go to account settings, apply for the "Wholesale Client" assessment, complete the knowledge test, and submit the relevant documents. Use the referral code 24U2795 when registering.