Central Bank of UAE Revokes Muthoot Exchange's Licence for Regulatory Violations

The Central Bank of the UAE (CBUAE) has revoked the licence of Muthoot Exchange, an exchange house operating in the UAE, and removed its name from the official register.

This decision was made in accordance with Article 137 (1) of the Decretal Federal Law No. (14) of 2018 concerning the Central Bank and the Organisation of Financial Institutions and Activities, along with its subsequent amendments.

An examination by the CBUAE revealed that Muthoot Exchange failed to maintain the required levels of paid-up capital and equity, as stipulated by the relevant standards and regulations.

The CBUAE continues to enforce strict compliance among exchange houses, their owners, and employees, ensuring adherence to UAE laws and regulations to uphold the transparency and integrity of the country's financial system.

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