What Kinetic DAX does

Kinetic DAX Sdn Bhd (KDX) operates a fully licensed digital asset exchange in Malaysia, headquartered in Kuala Lumpur and founded in 2020. The platform enables Malaysian retail and institutional investors to buy, sell, and trade cryptocurrencies — specifically Bitcoin (BTC), Ethereum (ETH), XRP, and Litecoin (LTC) — through its web-based interface at kdx.com.my. KDX functions as a Recognised Market Operator (RMO) regulated by Malaysia's Securities Commission under the revised Guidelines on Recognised Markets, which impose enhanced capital thresholds, a 25% shareholders' fund requirement for operating expenses, and a mandatory 80:20 cold-to-hot wallet custody ratio. The exchange is positioned as Malaysia's first and only bank-backed digital asset exchange following Kenanga Investment Bank Berhad's March 2026 increase of its ownership stake from 19% to 81.7%, executed through Kenanga Private Equity Sdn Bhd.

KDX generates revenue exclusively through transaction fees charged on buy and sell orders executed on its platform. As an 81.7%-owned subsidiary of Kenanga Investment Bank, one of Malaysia's leading investment banks, KDX leverages the parent's technology stack, marketing reach, governance infrastructure, and existing customer base across both retail and institutional segments. The company employs between 11 and 50 staff and operates within a domestic market of six SC-registered RMOs, competing against offshore exchanges that currently capture an estimated 60–70% of the RM35–46 billion in annual Malaysian digital asset trading value. KDX is preparing internal compliance frameworks for the SC's revised RMO framework, which will liberalize digital asset token listings by Q2 2026, positioning the exchange to expand its product surface area within the regulated Malaysian market.

Name

Kinetic DAX

Legal name

Kinetic DAX Sdn Bhd

Website

https://kdx.com.my

Company type

Private

Founded year

2020

Operating status

Operating

Headcount range

11–50 employees

Short description

Kinetic DAX operates KDX, a Securities Commission-regulated digital asset exchange in Malaysia enabling retail and institutional investors to trade Bitcoin, Ethereum, XRP, and Litecoin, and is Malaysia's first and only bank-backed exchange as an 81.7%-owned subsidiary of Kenanga Investment Bank.

Ownership category

akta.pro rank

Headquarters

HQ city

Kuala Lumpur

HQ country

Malaysia

HQ region

Asia

Offices1 record

Markets served

GTM type

B2C

Offering type

Services

Cost components

Technology or R&D, Personnel, Operations, Marketing or Sales, Infrastructure

Revenue model

1. Trading/Transaction Fees: KDX operates as a digital asset exchange generating revenue through trading and transaction fees charged on buy/sell orders executed on the platform. As a regulated Recognised Market Operator (RMO) under Malaysia's Securities Commission, the exchange serves as the intermediary for digital asset trading between buyers and sellers.

Go-to-market motion1 record

Distribution channels2 records

Core offering

Kinetic DAX (KDX) operates a fully licensed digital asset exchange that enables Malaysian investors to buy, sell, and trade cryptocurrencies including Bitcoin (BTC), Ethereum (ETH), XRP, and Litecoin (LTC). It is Malaysia's first and only bank-backed digital asset exchange, operating as a Securities Commission-licensed Recognised Market Operator (RMO) and serving as an intermediary for digital asset trading between buyers and sellers.

Product overview

Kinetic DAX operates KDX, a unified digital asset exchange platform that enables users to trade cryptocurrencies including Bitcoin, Ethereum, XRP, and Litecoin. As Malaysia's first and only bank-backed digital asset exchange following Kenanga Investment Bank's 81.7% stake acquisition, KDX functions as a single core product rather than a modular platform.

Differentiator

Problem solved

Functional benefit

Products and services

• KDX Digital Asset Exchange A fully licensed digital asset exchange operated by Kinetic DAX Sdn Bhd that enables users to buy, sell, and trade cryptocurrencies including Bitcoin (BTC), Ethereum (ETH), XRP, Litecoin (LTC), and other digital assets. Operates as Malaysia's first and only bank-backed digital asset exchange, supported by Kenanga Investment Bank Berhad and regulated by Malaysia's Securities Commission as a Recognised Market Operator (RMO).

Quantifiable outcome

• Malaysia's first and only bank-backed digital asset exchange
• +1 more outcomes

Segments2 records

Ideal customer profiles2 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Scale indicators3 records

Recent moves5 records

Expansion highlights5 records

Broad incumbents

• Binance: Binance is the world's largest centralized crypto exchange by volume, capturing a meaningful share of Malaysian retail trading that flows offshore. While not a domestic RMO, it represents the primary competitive threat to KDX's onshore flow-recapture thesis.
• Kraken: Kraken is a global regulated crypto exchange offering spot and derivatives trading. It is comparable to KDX as a long-standing, compliance-oriented CEX, though operating at much larger scale and across multiple geographies.
• Coinbase: Coinbase is a US-listed, regulated centralized crypto exchange serving retail and institutional clients globally. Comparable to KDX as a regulated, compliance-forward CEX targeting institutional participants, though operating at far larger scale.
• Gemini: Gemini is a US-based, regulated crypto exchange and custodian focused on institutional and compliance-driven retail clients. It is comparable to KDX in emphasizing regulatory compliance, custody standards, and institutional-grade governance.

Direct peers

• Hata (formerly DX Exchange): Hata is a Malaysian SC-registered digital asset exchange serving local retail and institutional crypto traders. It competes head-to-head with KDX within the same six-licensed-RMO landscape in Malaysia.
• SINEGY: SINEGY is a Malaysian Securities Commission-registered digital asset exchange offering crypto spot trading. It directly competes with KDX in the same regulated domestic market and addresses the same customer pain points around offshore trust and custody.
• Tokenize Xchange: Tokenize Xchange is a Malaysian SC-registered DAX offering spot cryptocurrency trading to Malaysian investors. It is one of the six licensed RMOs competing with KDX for the same domestic pool of retail and institutional crypto traders.
• Luno Malaysia: Luno is a SC-registered Recognised Market Operator operating in Malaysia, directly competing with KDX in retail crypto spot trading. Both target Malaysian retail and institutional investors under the same SC regulatory framework.
• CGCX (CoinGecko) / Cripto Malaysia: Cripto Malaysia operates a domestic digital asset exchange under SC registration, competing with KDX for Malaysian retail and institutional spot crypto volume. Both exchanges share the same regulatory perimeter and target customer base.

Regional players

• Independent Reserve: Independent Reserve is an Australia- and Singapore-licensed regulated crypto exchange serving institutional and retail clients in APAC. It is comparable to KDX as a regionally regulated, compliance-led CEX expanding into institutional digital asset services.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat3 records

Key highlights7 records

Customer concentration

Compliance3 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Funding overview

Funding rounds1 record

Investors1 record

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Kinetic DAX