Innovative Digital
Asset and FX Liquidity Solutions

Crypto on-ramping is the process of converting fiat, meaning government-issued currency such as AUD or USD, into cryptocurrency. Conversely, off-ramping is selling cryptocurrency for fiat. Investment and speculation aside, businesses use blockchain rails for near-real-time settlement that runs 24 hours a day, lower transfer costs on many corridors, and programmable cross-border payments. Increasingly, Australian businesses are building cryptocurrency transfers into their payment and treasury workflows: importers on-ramp capital to fund overseas suppliers, payment companies use stablecoins for near-real-time global remittance, and fund managers trade and settle outside banking hours. One metric we watch: stablecoins moving across borders rose 77.5%, from US$124.2 billion to US$220.3 billion, in the year to June 2026, with monthly value more than doubling from US$11 billion in January 2025 to US$24 billion in June 2026. Chainalysis describes this as a conservative on-chain estimate.

^{Source: Chainalysis, 2026 Global Crypto Adoption Index.}

USDT/AUD: the Pair Most Australian Businesses Ramp Through

USDT against the Australian dollar is the most traded pair for on/off-ramping. USDT is the largest stablecoin measured by supply, roughly US$187 billion in circulation as at June 2026, about 59% of the total stablecoin market (DefiLlama), a first preference for offshore suppliers, exchanges and payment counterparties.

Two things make USDT/AUD different from a plain FX trade. First, the price has two parts: the AUD/USD rate and the USDT/USD basis, because USDT trades at its own value against the dollar, usually within a few basis points of one. A USDT/AUD quote reflects both at the moment it is given. Second, the two legs move on different rails: the AUD leg settles through the Australian banking system, and the USDT leg settles on-chain on the network the client nominates, so the speed of the slower leg sets the speed of the trade.

Liquidity in USDT/AUD can be uneven. Exchange order books for the pair are thin relative to USDT/USD, so an order of a few hundred thousand dollars can walk the book. Neo-X prices USDT/AUD in one firm, all-in rate for tickets from A$100,000 to A$20 million, in either direction, which is the reason the pair sits at the centre of how Neo-X on-and-off-ramps for wholesale clients.

On/off-ramping: Exchange Vs. OTC Desk

An exchange order book and an over-the-counter (OTC) desk solve different problems. The order book suits small, frequent conversions where the business wants to see the market and work an order. The OTC desk suits larger trades, where the business wants one price, no slippage and delivery straight to its bank account or wallet; speed and price are the primary drivers.

What to Consider When Choosing an OTC Provider in Australia

Licensing and entity Which legal entity you are contracting with, what licence it holds and what that licence authorises. In Australia, an Australian Financial Services Licence and an AUSTRAC registration as a virtual asset service provider are different things: the first is a financial services authorisation with conduct, competence and compensation obligations; the second is an anti-money-laundering registration. Both can be checked on the ASIC and AUSTRAC public registers, and the entity named on the register should match the entity you are facing. Licensing and AUSTRAC registration should be treated as the minimum requirement when deciding who to trade with.

Pricing method Is the quote all-in, meaning the price you accept is the price you pay, with no commission, settlement or custody fee added afterwards.

Size & Settlement What is the minimum and maximum single trade size in the specific fiat or cryptocurrency you are buying or selling. Different OTC desks have access to different liquidity, and a desk may be deep in one set of currencies and thin in others; checking this before onboarding saves time. Ask what settlement rails the desk uses, whether it has access to NPP (AUD), FedNow (USD) and SEPA Instant (EUR), and which cryptocurrency networks are available for settlement. Banking and settlement infrastructure determines how fast the other side of your trade arrives.

Pre-funding Does the provider require funds on account before the price is secured, or does it offer a trading or settlement facility so the rate is locked first.

Custody Who the provider uses for custody, whether the custodian is licensed or regulated, and in which jurisdiction.

Access and Hours How you request a price, whether by chat, web interface or API; when the desk is staffed; and what support exists outside those hours for settlement or operational issues.

How to On/Off-ramp with Neo-X

Licensing and Entity Neo-X Financial Pty Ltd holds Australian Financial Services Licence 558430, which authorises it to provide and make a market in non-cash payment facilities, basic deposit products, derivatives and FX contracts for wholesale clients. Client-facing services are provided by Neochain Pty Ltd, Corporate Authorised Representative 001320366. Neo-X has been an AUSTRAC reporting entity since 2022 and is a registered virtual asset service provider. Both entities can be checked on the ASIC and AUSTRAC public registers, and they are the entities named on the client agreement.

Pricing Method All-in. Neo-X returns one request-for-quote price built from approximately 25 venues (exchanges, banks and market makers), firm for the quote window, and the price the client accepts is the price the client pays. There is no commission, settlement fee or custody fee added on spot tickets; Neo-X makes money via the the spread.

Size and Settlement Approximately A$100,000 to A$20 million per ticket, in either direction, across approximately 60 digital assets and 27 fiat currencies. AUD/USDT is the most traded pair and the deepest; USDC and AUD-denominated stablecoins are quoted on the same terms. Fiat settles same day across 27 currencies through the Neo-X Global Settlement Network, with access to NPP for AUD, FedNow for USD and SEPA Instant for EUR. Stablecoins settle on-chain to the client’s nominated address. Approximately 95% of Neo-X trades settle within one hour and 99% within two hours (as at October 2026).

Pre-funding Not required. Every onboarded client has an A$1 million trading facility by default, so the rate is secured first and the client’s leg follows within the agreed settlement window. Larger facilities are agreed after credit review.

Custody Customer funds under custody are held with Copper, with $500 million insurance across BitGo and Copper. Clients may instead settle each trade direct to their own bank account, wallet or custodian and hold nothing with Neo-X. Neo-X acts as principal, makes markets, may hold positions in the assets it quotes, and is the client’s counterparty until the bought leg is delivered.

Access and Hours Desk chat with a named contact, web interface or API, with market, limit and RFQ or algorithmic order types, TWAP, VWAP and conditional order types. The desk is staffed 8am to 10pm AEST on business days, with 24-hour support for settlement and operational matters. Wholesale clients only; email sales@neox.au or call (02) 9136 0264 to begin onboarding.

Neo-X Financial Pty Ltd holds AFSL 558430. Client-facing services are provided by Neochain Pty Ltd, CAR 001320366. Wholesale clients only. Neo-X acts as principal, makes markets and may hold positions in the assets it quotes. Nothing on this page is financial product advice. Figures are approximate and not quotes.

What is an OTC desk?
An OTC desk, or liquidity provider, is the principal counterparty that buys and sells digital assets with clients directly, off-exchange, at a single quoted price. Compared with working the same order through an exchange order book, an OTC trade fills at one price rather than across several levels, is not limited by the depth visible on the book, and leaves no public print for other participants to trade against. OTC desks typically source liquidity from multiple venues: exchanges, market makers and banks.

What does this mean for Neo-X?
We source our liquidity from approximately 25 crypto exchanges, market makers and banks. We’ve taken the heavy lifting out of quote sourcing, so our clients trade with us at a single price point.

What does this mean for Australian wholesale clients?
In Australia, it’s difficult to get access to sharp pricing in wholesale sizes. Neo-X quotes one firm, all-in price in sizes from approximately A$100,000 to A$20 million, so a wholesale client sees institutional pricing without aggregating it themselves.

How does a trade with Neo-X work?
Request, quote, accept, settle. A client tells the desk the pair, side and size, by chat, web UI or API. Neo-X returns one firm price. The client accepts, and the order is filled. Settlement follows: the client delivers their leg, and Neo-X delivers the other side. Approximately 95% of our trades settle within one hour and 99% within two hours (as at October 2026). Every onboarded client has a $1 million trading facility by default, so no pre-funding is required.

Who can trade with Neo-X?
Wholesale clients only, as defined in sections 761G, 761GA and 708 of the Corporations Act. That covers exchanges, dealers and brokers, corporates, payments companies and MSBs, family offices, fund managers and wholesale high-net-worth individuals. Neo-X does not serve retail clients and does not quote privacy coins.

How do I get started?
Reach out on sales@neox.au or (02) 9136 0264 and we will take you through the onboarding process.

Neo-X Financial Pty Ltd holds AFSL 558430. Client-facing services are provided by Neochain Pty Ltd, CAR 001320366. Wholesale clients only. Neo-X acts as principal, makes markets and may hold positions in the assets it quotes. Nothing on this page is financial product advice. Figures are approximate and not quotes.

Neo-X Financial Pty Ltd (23 674 294 127), part of the Neo-X Group, has been granted an Australian Financial Services Licence by ASIC - for Wholesale Clients Only.

7 April 2026

Distributed ledger technology sits at the centre of one of the most consequential structural shifts in modern finance, evolving rapidly in real time.

We are pleased to announce to the market, that we have been granted an AFSL by ASIC. We're building the bridge between traditional financial systems and digital asset markets - delivering institutional-grade infrastructure that enables capital to move seamlessly across both environments within a strong regulatory framework.

"The AFSL reflects our unwavering commitment, not only to the standards required by the regulator, but also to those that we hold ourselves too internally. We welcome the new industry benchmark and look forward to broadening our service offering to a rapidly growing market."
Drew Kilroe - Chief Executive Officer

As the Australian market evolves, we remain focused on leading through change. We are well positioned to navigate the regulatory landscape and welcome a framework that enables constructive collaboration between industry and regulators.

OTC Trading

Neo-X will continue to expand its OTC offering. Providing liquidity solutions across more digital asset and fiat currency pairs. We will continue to refine our commercial offering, sharpening price, settlement speeds, and execution capabilities.

Trade Execution

Our execution model is channel agnostic. Clients access Neo-X through a combination of voice, chat, portal, or API best fits their workflow - execution quality, settlement standards, and service coverage are consistent across all of them.

Derivatives

Mitigate market exposures, secure cashflows, and create certainty through derivative strategies designed around the realities of our clients' businesses. Whether the exposure sits in cross-border payments, trading inventory, treasury operations, or digital asset positions, we structure forwards, swaps, and bespoke hedging products that match the underlying risk. The result is a hedging program that protects outcomes on terms that actually fit.

Non-Cash Payments

Our non-cash payment authorisation underpins how value moves through the Neo-X platform - across digital asset rails, fiat rails, and the cross-border flows that increasingly sit between them. We facilitate the settlement workflows that connect trade execution to client treasury, with controls embedded at every step. Every transaction running through our institutional-grade compliance infrastructure.

Client funds are held under our basic deposit authorisation while transactions are arranged and finalised, ensuring capital sits within a regulated framework throughout the entire trade lifecycle. For wholesale clients managing real flows - between counterparties, across borders, and across asset classes - non-cash payment capability is the difference between a desk that quotes prices and a counterparty that completes transactions. We've built the latter.

Neo-X Financial Pty Ltd (AFSL 558430) has been granted an Australian Financial Services Licence, available only to wholesale clients as per Sections 761GA and 708(10) of the Corporations Act 2001 (Cth) (Sophisticated / Wholesale Client). To serve these products, Neochain Pty Ltd (CAR No. 001320366) and NeoFX Pty Ltd (CAR No. 001320367) have been appointed as Corporate Authorised Representatives. We do not provide financial products or services to retail clients.

Perfect for investors and traders rotating between two currencies on a conditional price of another asset:

Sell currency XYZ if/when currency pair ABC hits your target price

Conditional Orders

Execute automatically when the market reaches your target.

Conditional Orders allow you to predefine trading instructions that are activated when a specific market condition is met. For example, place an instruction to sell PAXG once BTC/AUD reaches a nominated price level - helping you execute strategy without constant market monitoring.

How it works

1. Select the asset you want to buy or sell
2. Define a trigger condition (e.g. BTC/AUD ≥ target price)
3. Set your execution parameters
4. Neo-X continuously monitors the market and automatically places the order once conditions are met

Designed for smarter execution, Conditional Orders help clients automate strategies, reduce manual intervention, and respond to market movements in real time.

Built for Smarter Execution

Conditional Orders extend Neo-X’s growing suite of execution tools, giving clients greater flexibility and control over how, when, and why trades are executed.

Alongside existing execution capabilities - including Market, Limit, TWAP and VWAP strategies - Conditional Orders allow clients to define trading actions based on external market conditions. Rather than reacting manually to price movements, clients can automate execution logic around predefined triggers and execution parameters.

Whether executing immediately, working larger orders over time, or automating strategy based on market events, Neo-X provides a flexible execution framework designed for institutional workflows and real-time decision making.

Security-First Infrastructure

At the core of this partnership is BitGo’s qualified custody safeguarding assets with regulated cold storage, multi-sig security and $250M in insurance.

Seamless, scalable liquidity

BitGo and Neo-X provide deep liquidity and competitive execution offering institutions unparalleled efficiency for their trading strategies.

Global reach, local precision

BitGo’s global infrastructure and Neo-X strong presence in Australia means the best of both worlds for clients - global perspective with local understanding and enhanced support for Australian clients with international liquidity requirements. As digital asset markets mature, secure, regulated infrastructure is no longer optional.

Insurance

We've doubled our insurance coverage up to USD $500M, across two Custodian leaders; BitGo & Copper.

This partnership between BitGo and Neo-X empowers institutions to trade with confidence, backed by solutions built for performance, scale and reliability.

Explainer: What does the Clarity Act actually do?

The Clarity Act is legislation that has not been required in approximately a decade. In Summary, it outlines what the regulator is in charge of and their powers accordingly. Furthermore, the bill divides digital assets into three categories and assigns each a regulatory home.

1. Digital commodities - defined as digital assets whose value is "intrinsically linked" to a functional blockchain - fall under the United States Commodity Futures Trading Commission. The CFTC would be granted exclusive jurisdiction over spot and cash markets for these assets, a substantial expansion of its authority. Exchanges, brokers, and dealers handling digital commodities would register with the CFTC as Digital Commodity Exchanges, Digital Commodity Brokers, and Digital Commodity Dealers.

2. Investment Contract Assets - remain with the Securities and Exchange Commission, preserving SEC authority over primary market crypto fundraising and tokens that retain securities characteristics.

3. Permitted payment stablecoins - already addressed in the GENIUS Act passed last year - sit with banking regulators, with the SEC and CFTC retaining anti-fraud jurisdiction over stablecoin transactions on registered venues.

A few specific provisions deserve attention

Stablecoin yield is restricted, not banned. The bill prohibits digital asset service providers from paying customers passive, deposit-like interest on payment stablecoin balances, but permits bona fide activity-based or transaction-based rewards under joint SEC, CFTC, and Treasury rules. This was the single most contested element of the negotiation and reflects a compromise between the crypto industry and the US banking sector.

What this means for the U.S. Market

Clear rules - unlock institutional participants that have been waiting on the sidelines for a decade. The clearest near-term effects:

Banking integration. Qualifying banks can hold and transact in digital commodities for the first time without bespoke OCC guidance or state-by-state interpretation. In a structural and durable environment.

Custody normalisation. The bill creates a qualified digital asset custodian standard, which gives institutional allocators a defensible framework for satisfying their own custody and fiduciary requirements.

Stablecoin product differentiation. With passive yield prohibited, the US market will likely bifurcate further between transactional stablecoins (USDC, USDT-style) and yield-bearing instruments structured as securities or tokenised money market funds.

Onshoring of liquidity. Industry advocates have framed this consistently as bringing market activity back into US jurisdiction. Whether the bill becomes law, and on what timeline, will materially shape where global liquidity sits in 2027.

Neo-X Statement

Australia is moving rapidly toward a more mature and fit-for-purpose digital asset regulatory framework. The Corporations Amendment (Digital Assets Framework (DAF)) Bill 2025 received Royal Assent on 8 April 2026, commencing on 9 April 2027 with a six-month transition period. The framework extends the existing AFSL regime to cover Digital Asset Platforms (DAPs) and Tokenised Custody Platforms (TCPs), while expanded AML/CTF obligations under AUSTRAC’s Virtual Asset Service Provider regime begin from 1 July 2026.

Despite a different regulatory architecture, Australia is converging with global markets by bringing custody into financial-services licensing, applying AML/CTF obligations as a baseline, and creating coordinated frameworks for tokenised assets and digital commodities.

Neo-X is well positioned for this transition. Operating under an Australian Financial Services Licence within the group, alongside Digital Currency Exchange and Independent Remittance registrations with AUSTRAC, Neo-X has proactively developed a dynamic, July-2026 travel rule-ready system. As regulation evolves, we remain focused on compliance, institutional-grade infrastructure, and delivering innovative FX and digital asset solutions for Australian wholesale businesses.

To learn more about Neo-X’s services, institutional liquidity, FX and digital asset markets, visit Neo-X