MKX

What MKX does

MKX is a Dubai-based cryptocurrency exchange operating under the legal entity MKX Virtual Assets Broker and Dealer Services LLC. The company holds a VARA Broker-Dealer Services license (VASP Reference: VL/2025/04/001) and provides a regulated platform enabling UAE residents and businesses to buy, sell, and convert cryptocurrencies using AED currency, with direct deposit and withdrawal integration to UAE bank accounts. The platform serves three customer segments: UAE retail crypto investors (via self-serve web and mobile apps), UAE institutional and business clients (via a dedicated sales motion and corporate accounts), and high-net-worth traders (via an OTC desk for large-volume negotiated trades). The supported asset list includes BTC, ETH, USDT, USDC, SOL, TRX, BNB, ARB, XRP, and POL.

The platform's technology stack is assembled from third-party infrastructure providers rather than proprietary core technology: Binance supplies liquidity and real-time price feeds, Fireblocks provides multi-signature hot/cold custody with 2FA and encryption, Chainalysis powers transaction monitoring and AML/CFT reporting, and Sumsub handles KYC identity verification. The platform is accessible via web browser and native iOS and Android applications, with biometric login and a hosted digital asset wallet. A market surveillance system uses machine learning for anomaly detection on trading data.

Revenue is generated through a 1.5% transaction fee applied uniformly across crypto-to-crypto, fiat-to-crypto, and crypto-to-fiat trades, supplemented by crypto-asset-specific external withdrawal fees and a flat 30 AED fee for bank withdrawals. Internal transfers are free, as are crypto deposits. Go-to-market combines product-led growth (self-serve signup with KYC and AED bank funding) for retail, sales-led motion for institutional clients, content marketing and SEO targeting UAE crypto queries (e.g., 'buy crypto Dubai', 'AED to USDT'), and app store presence for mobile acquisition. The company is privately held with no disclosed funding, headquarters in Al Rigga, Deira, Dubai, and is led by CEO Ahmad Hamid and CO/MLRO Rogerick Castin Retaga.

Name

MKX

Legal name

MKX Virtual Assets Broker and Dealer Services LLC

Website

https://mkx.ae

Company type

Private

Operating status

Operating

Headcount range

1–10 employees

Short description

MKX is a Dubai-based, VARA-licensed cryptocurrency exchange enabling UAE retail and institutional clients to buy, sell, and convert digital assets using AED, with direct integration to UAE bank accounts for deposits and withdrawals.

Ownership category

akta.pro rank

Product category

Cryptocurrency Exchange

NAICS

Securities and Commodity Contracts Intermediation and Brokerage (5231), Securities and Commodity Exchanges (5232)

SIC

Security & Commodity Brokers, Dealers, Exchanges & Services (6200)

akta.pro primary industry

Crypto Custody & Exchange Wallet Services (Integrated) (FSADAAAG)

Keywords

• Cryptocurrency exchange
• Digital asset trading
• AED crypto conversion
• Virtual asset brokerage
• Regulated crypto platform

Headquarters

HQ city

Dubai

HQ country

United Arab Emirates

HQ region

Middle East

Offices1 record

Markets served

GTM type

B2B and B2C

Offering type

Software

Cost components

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

Revenue model

1. Trading/Conversion Fees: MKX charges 1.5% fee per transaction for crypto-to-crypto, fiat-to-crypto, and crypto-to-fiat transactions. This is the primary revenue stream from trading activity on the platform.
2. Crypto Withdrawal Fees: Fees charged for external crypto withdrawals including BTC (0.0001), ETH (0.004), XRP (0.45), SOL (0.03), BNB (0.0015), USDT/USDC (5), TRX (10), POL/ARB (20). Internal withdrawals are free.
3. Bank Withdrawal Fees: AED withdrawals to bank accounts incur a 30 AED fee per withdrawal. Bank deposits are free with 100 AED minimum.
4. OTC Trading Services: Over-the-counter trading services where users negotiate directly with MKX OTC desk for large trades, generating revenue through spreads and fees.

Pricing tiers

Go-to-market motion2 records

Distribution channels3 records

Marketing channels5 records

Core offering

MKX operates a VARA-licensed cryptocurrency exchange platform that enables UAE residents and businesses to convert AED into major cryptocurrencies (BTC, ETH, USDT, USDC, SOL, TRX, BNB, ARB, XRP, POL) and withdraw proceeds back to UAE bank accounts. The offering combines a web trading platform with native iOS/Android apps, a hosted multi-signature digital asset wallet, an OTC desk for large negotiated trades, and a dedicated institutional onboarding flow for corporate clients.

Product overview

MKX is a Dubai-based cryptocurrency exchange platform (VASP licensed by VARA) providing a unified platform for buying, selling, and managing digital assets with AED. The core offering consists of the MKX Platform (web) and MKX Mobile App, integrated with the MKX Wallet for storing and managing cryptocurrencies. Supported cryptocurrencies include BTC, ETH, USDT, USDC, SOL, TRX, BNB, ARB, XRP, and POL. The platform offers fiat-to-crypto conversion services (Buy & Sell Crypto), with a dedicated Institutional Crypto Trading service for business clients. Additional services include OTC Trading Services for larger volume negotiated trades, Digital Asset Exchange for market trading, and Client Money Account for fiat deposits. The platform uses Fireblocks for custody, Chainalysis for transaction monitoring, Sumsub for KYC, and Binance as its primary liquidity provider.

Differentiator

Problem solved

Functional benefit

Products and services

• MKX Trading Platform (Web + Mobile Apps)

Segments3 records

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration5 records

AI capability1 record

Feature6 records

Partnerships

Four partnerships are on record, tiered core.

• FireblockscoreTechnology or IntegrationDigital asset wallet custody services provider. Fireblocks provides the infrastructure for MKX's secure multi-signature hot and cold storage wallet system with institutional-grade security features.
• ChainalysiscoreTechnology or IntegrationTransaction monitoring services provider. Chainalysis provides blockchain analysis and transaction monitoring capabilities for AML/compliance and suspicious activity detection.
• SumsubcoreTechnology or IntegrationKYC and documentation services provider. Sumsub provides identity verification and KYC document processing for user onboarding and compliance.
• BinancecoreTechnology or IntegrationPrimary external liquidity provider. Binance provides deep liquidity and best possible execution prices for all transactions through their exchange infrastructure, ensuring competitive pricing for MKX users.

Scale indicators2 records

Recent moves6 records

Expansion highlights4 records

Direct peers

• M2: UAE-headquartered regulated crypto exchange serving regional retail and institutional clients with AED fiat on-ramps. Closely comparable to MKX as a UAE-domestic, VARA-licensed competitor targeting the same local customer base.
• CoinMENA: Bahrain/UAE-regulated crypto exchange serving retail and institutional clients across the Gulf with AED/SAR on-ramps. Directly comparable to MKX in regulatory positioning, target geography, and AED-bank integration for fiat-crypto conversion.
• Binance UAE: Dubai VARA-licensed arm of Binance offering AED trading pairs and UAE bank integration to retail and institutional users. Directly comparable to MKX in regulated UAE crypto brokerage, with the added dynamic that Binance is also MKX's primary liquidity provider.
• Rain: Middle East-focused crypto exchange originally licensed in Bahrain and operating in the UAE, offering regional fiat on-ramps and institutional services. Comparable to MKX as a regional, regulation-first broker-dealer targeting Gulf-based retail and business clients.
• BitOasis: Dubai-headquartered crypto exchange licensed by VARA offering AED on-ramp and off-ramp via UAE bank transfers, mobile apps, and an OTC desk for regional clients. BitOasis is MKX's closest direct competitor in the UAE-regulated retail and institutional crypto trading market.

Broad incumbents

• eToro: Global multi-asset platform with a regulated Dubai entity offering crypto and equities trading to retail and professional clients in the UAE. Comparable to MKX on regulated UAE retail access to digital assets and fiat-crypto conversion.
• Crypto.com: Global crypto exchange and app with a Dubai office offering retail trading, custody, and a debit card ecosystem. Comparable to MKX as a regulated multi-asset platform pursuing UAE retail and institutional clients.
• Kraken: Global crypto exchange with a regulated Dubai presence serving institutional and retail clients across multiple regions. Comparable as a regulated fiat-crypto trading venue competing for the same UAE institutional and advanced retail flow as MKX.
• OKX: Global crypto exchange with a Dubai VARA presence offering spot trading, mobile apps, and institutional services. Overlaps with MKX on regulated UAE retail brokerage, mobile platform delivery, and institutional-grade custody/security stack.
• Bybit: Global crypto exchange with operations in Dubai targeting retail and professional traders via spot and derivatives products. Competes with MKX for the same UAE and broader Middle East retail crypto trading demand.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/mkxdubai

Compliance3 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles2 records

Funding overview

Funding rounds

Investors

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 MKX