Disclosures

1. Regulatory status

Mask Virtual Assets Exchange LLC ("Metra") is incorporated in Dubai, United Arab Emirates. Metra is in the process of obtaining a Virtual Asset Service Provider (VASP) licence from the Virtual Assets Regulatory Authority (VARA) in Dubai. Metra is not yet licensed and services are not yet available. Upon licence issuance, the VARA licence number will be published on this page and on the VARA Regulatory Information page.

2. Nature of services

Metra provides broker-dealer services for virtual assets, including agency-based execution of virtual asset trades, liquidity facilitation, order routing, and related services for institutional, qualified, and retail clients. Metra acts exclusively on an agency basis and does not take proprietary positions against client orders. Full details of licensed activities are set out on the VARA Regulatory Information page.

3. Risk factors

Virtual Assets carry significant risks. The main risks include:

• Market risk: Virtual Assets are highly volatile and may experience rapid and substantial price movements, including total loss of value.
• Liquidity risk: Some Virtual Assets may have limited liquidity, which can impact the ability to enter or exit positions at desired prices.
• Technology and cyber risk: Virtual Assets and related infrastructure depend on technology that may fail, be exploited, or become unavailable.
• Regulatory and legal risk: Regulatory frameworks for Virtual Assets continue to evolve and may impact the availability or treatment of certain products or services.
• Counterparty and operational risk: Risks related to the failure of counterparties, service providers, or operational processes.
• Custody risk: Virtual Assets held in custody may be subject to loss in the event of a custodian failure or security breach.

For the full risk disclosure, see the Risk Disclaimer.

4. Conflicts of interest

Metra has implemented a Conflicts of Interest Policy to identify, manage, and mitigate conflicts that may arise in the course of providing its services. Where conflicts cannot be fully managed, Metra will make appropriate disclosure. Full details are set out in the Conflicts of Interest Policy.

5. Anti-bribery & corruption

Metra maintains a zero-tolerance approach to bribery and corruption in all its forms. The full Anti-Bribery and Corruption Policy, including reporting procedures and governance framework, is available at Anti-Bribery & Corruption Policy.

6. Virtual asset standards

Metra applies a comprehensive set of Virtual Asset Standards to all VAs it handles on behalf of clients, covering listing criteria, ongoing due diligence, and suspension protocols. The full policy is available at Virtual Asset Standards.

7. Use of third parties

Metra uses regulated third-party service providers including a VARA-licensed qualified custodian (Hex Trust) for the safekeeping of client virtual assets, VARA-licensed or approved liquidity providers for order execution, and third-party compliance tools for KYC/KYB, AML screening, and Travel Rule compliance. Details of client asset safeguarding arrangements are set out in the Client Asset Safeguarding Policy.

8. Client classification and eligibility

Metra's services are available to institutional clients, qualified investors, and retail clients who meet Metra's eligibility criteria and have completed the onboarding process including KYC/KYB verification. Metra reserves the right to decline or restrict access to services in its discretion and in accordance with applicable regulatory requirements.

9. Complaints and escalation

Clients who wish to raise a complaint may do so via [email protected]. Full details of the complaints process, including acknowledgement timelines and escalation procedures, are set out in the Complaints Handling Policy. Where a client remains dissatisfied, they may escalate the matter to VARA or other relevant regulatory or dispute resolution bodies.

10. Fees and charges

Details of all fees, charges, and costs applicable to Metra's services are set out in the Schedule of Fees. Metra will disclose all applicable fees to clients before they are applied.

11. Governing law

These disclosures and Metra's client documentation are governed by the laws of the United Arab Emirates and subject to VARA's regulatory framework. Any disputes shall be subject to the jurisdiction of the courts of Dubai, UAE, unless otherwise agreed in writing.