MKX security and custody: how client assets and client money are held
MKX's security arrangements are set out in its terms: Fireblocks is named as Wallet Custody Services Provider, client dirhams sit in a designated safekeeping account with a regulated financial institution licensed in the UAE, and neither virtual assets nor fiat are covered by a deposit protection mechanism.
Risk warning Virtual Assets may lose their value in full or in part, and are subject to extreme volatility. The owner and/or investor in the Virtual Asset can lose all the money or other value they invest, and does not benefit from any form of financial protection.
What MKX publishes, and what it does not
Last reviewed
- Wallet custody provider
- Fireblocks, named in the terms
- Client money
- Safekeeping account; institution not named
- Deposit protection
- None
- Audit report
- Not published
- Proof of reserves
- Not published
- Insurance
- Not published
Sources: the MKX terms and a scan of mkx.ae, read on 6 October 2026.
Is MKX a legitimate crypto firm in Dubai, and is it safe to use?
MKX Virtual Assets Broker & Dealer Services L.L.C. is licensed by VARA for Broker-Dealer Services, reference VL/25/04/001, and the public register shows the status Active. To confirm that you are dealing with that firm, open the VARA public register entry for MKX and compare three things with what is on your screen: the legal name, the reference and the website URL.
The second half of the question has no yes-or-no answer. A licence is not a guarantee against loss, and the MKX terms state that no deposit protection applies to virtual assets or to fiat. The sections below list what MKX publishes about custody and client money, and what it does not. The licences page explains the VARA licence and what it does not cover.
Compare on the register
Verified
- Legal name
- MKX Virtual Assets Broker & Dealer Services L.L.C.
- Reference
- VL/25/04/001
- Website URL
- https://www.mkx.ae/
- Licensed activity
- Broker-Dealer Services
- Status
- Active
Wallet custody
The MKX terms name the custody provider and describe the wallet structure. They do not describe how keys are managed. Each block gives the claim, its source and the date it was read, from the terms and conditions on custody and client money.
Custody provider
Published in the terms
- Claim
- "Wallet Custody Services Provider: Fireblocks (www.fireblocks.com)"
- Source
- MKX terms and conditions
- Date read
Wallet structure
Published in the terms
- Claim
- "multi-signature hot and cold storage wallets"
- Source
- MKX terms and conditions
- Date read
Key management and cold-storage share
Not published
- Claim
- None. The terms give no cold-storage share and do not say who holds or approves keys.
- Source
- No document on mkx.ae
- Date read
The register entry for MKX (reference VL/25/04/001) lists one activity, Broker-Dealer Services. Whether the custody arrangement relies on a separate custody licence is not stated.
Client money
Dirhams you send to MKX are recorded in a Client Money Account. The terms describe it in three statements.
Client Money Account
Published in the terms
- Claim
- It "is not a deposit or investment account". Funds are held "in a designated safekeeping account with a regulated financial institution licensed in the UAE" and "will not earn interest".
- Source
- MKX terms and conditions
- Date read
The terms do not name the institution.
Account controls you can switch on
The terms list three controls on the account itself. Each line says what that kind of control stops; MKX publishes no settings guide.
-
Two-factor authentication (2FA)
Asks for a second code when you sign in or confirm an action. It stops someone who has only your password.
-
Locked withdrawal addresses
Limits withdrawals to addresses you saved earlier. It stops an intruder from adding a new destination and sending funds there.
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IP whitelisting
Accepts access only from network addresses you approved. It stops a sign-in from an unknown location.
Controls do not undo a transfer
These controls lower the chance of an unauthorised withdrawal. They do not reverse a transfer you approved yourself, and they do not protect against a fall in price.
What is not covered
-
No deposit protection
"Clients' Virtual Assets and Fiat Assets are not covered by any deposit protection mechanism from MKX." That includes dirhams in the Client Money Account.
-
Loss of value
MKX's own risk statement reads: "Virtual Assets may lose their value in part or in full."
-
Wrong network or wrong address
A transfer sent on the wrong network or to the wrong address cannot be reversed. Check the network and the withdrawal fees and minimums before you send.
-
Forks and side chains
The terms do not support "Advanced Protocols": metacoins, colored coins, side chains and forked protocols.
The full risk disclosure statement lists the risks by type.
A licence is not a protection scheme
The VARA disclaimer says the owner or investor "does not benefit from any form of financial protection". No deposit guarantee stands behind an MKX balance.
Audits, certifications and insurance
The terms mention "regular exchange security audits" but name no auditor and give no date. As of 6 October 2026, mkx.ae publishes none of the documents in this table.
| Document | On mkx.ae | Issuer and date |
|---|---|---|
| Security audit report | Not published | None named |
| ISO or SOC certificate | Not published | None named |
| Proof-of-reserves statement | Not published | None named |
| Insurance policy | Not published | None named |
| Incident history | No statement found | None named |
A row changes only when MKX publishes the document with its issuer and date. Until then this page does not describe MKX as audited, certified or insured.
How to read this page
A proof block gives a claim, its source and the date it was read. Where no document exists in public, the block says so in words. There are no badges on this page.
Liquidity and execution
MKX is a broker-dealer, so you trade with MKX at a price it quotes and there is no order book. Its disclosures state that "MKX partners with Binance as its primary external liquidity provider" and that prices are "determined based on current market conditions and the liquidity available through Binance".
Its Best Execution Policy weighs four factors: price, speed, likelihood of execution and cost. The link to Binance adds a counterparty to the chain. If the liquidity provider halts or restricts trading, MKX's quotes and its ability to fill an order may be affected.
The first price you see is indicative. The final price and the fee appear on the trade execution screen before you confirm, whether you are buying USDT through MKX, selling USDT for dirhams or buying Bitcoin through MKX.
Execution in short
Read
- Model
- Quoted price, no order book
- Liquidity provider
- Binance, named as primary
- Price basis
- Market conditions and the liquidity available through Binance
Regulatory safeguards
MKX Virtual Assets Broker & Dealer Services L.L.C. is licensed by VARA for Broker-Dealer Services, reference VL/25/04/001, as shown on MKX's entry on the VARA public register. The About page describes the legal entity behind MKX row by row.
MKX's disclosures describe controls against insider trading and market manipulation, trade surveillance and a whistleblowing channel. Its VA Standards policy cites "VARA Market Conduct Rulebook - Rule VIII", and assessment records are kept for "a minimum of eight years".
A complaint follows fixed times, listed in the complaints route record on this page. To check another firm in the same way, read how to check a VARA licence.
Complaints route
MKX complaints policy
- Written acknowledgement
- Within one week
- Written response
- Within four weeks
- Extraordinary cases
- Resolution within eight weeks
- Appeal
- Within four weeks, reviewed within two
- Fee
- None
- Records
- Kept a minimum of eight years
Protect your own account
Official domains, apps and handles
-
Website and web platform
www.mkx.ae and trading.mkx.ae
-
Apps
-
Social profiles
Instagram: mkxdubai, X: MKXDubai, Facebook: MKX profile, YouTube: MKXCryptoDubai
Treat any other domain, app listing or account that uses the MKX name as unverified until MKX confirms it.
Common scams around USDT
-
Fake support
Someone contacts you first, claims to be support and asks for your password, your 2FA code or remote access to your device. No genuine support desk needs any of them.
-
Fake transfer proofs
A screenshot of a bank transfer or a blockchain transaction is sent as proof of payment. A screenshot proves nothing: act only when the money shows in your own account or wallet.
-
Wrong-network requests
You are asked to send USDT on a network the receiving wallet does not support. A transfer on the wrong network can be lost for good.
Third-party support
MKX has not published a list of authorised third-party support providers. Use only the channels listed here.
Report a security concern
Write to [email protected] if you see a suspicious message, a look-alike site or activity on your account that you do not recognise. The whistleblowing channel for market-conduct concerns is [email protected].
The contact page lists every channel if you need to report a concern to MKX support.
Security questions
Is my money covered by a deposit guarantee?
No. The MKX terms state: "Clients' Virtual Assets and Fiat Assets are not covered by any deposit protection mechanism from MKX." Dirhams sit in a designated safekeeping account with a regulated financial institution licensed in the UAE, and the Client Money Account is not a deposit or investment account.
Who holds the keys to client wallets?
MKX does not publish this. The terms name the "Wallet Custody Services Provider: Fireblocks" and refer to multi-signature hot and cold storage wallets, but they do not say who holds or approves the keys.
Has MKX been audited?
No audit report is published. The terms refer to "regular exchange security audits" without an auditor or a date, and no ISO or SOC certificate or proof-of-reserves statement appears on mkx.ae as of 6 October 2026.
What happens to client assets if MKX stops operating?
The documents read for this page do not say. The terms state that client money sits in a designated safekeeping account and that no deposit protection applies. How virtual assets and dirhams would be returned is not set out in the passages read.
Check the licence, then decide
The licences page gives the register record for VL/25/04/001 and the steps to verify it. Virtual assets are volatile and you can lose all the money you invest.