California-based blockchain firm OKX has rolled out a new self-managed superannuation fund (SMSF) platform in Australia. SMSFs allow members to directly manage and control their retirement investment.
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 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 also Binance, arguably the most prominent of its kind in Australia, as it offers users up to 125 times leverage on certain contracts. Binance was developed in China and later moved to Japan.
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 Global (NASDAQ:COIN), is 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.”
KPMG said in a June report that SMSFs make up 28 percent of Australia’s total AU$4 trillion superannuation market.
In general, Australia’s crypto market still poses both a danger and an opportunity.
In July, an expose revealed that 15 Australians in Tasmania alone, many of whom were elderly, 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 combined 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 years old as the average age of the 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 non-fungible tokens 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 that 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.
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