CBUAE Revokes Licence of Muthoot Exchange Over Regulatory Violations

 UAE, 22 August, 2024 : The Central Bank of the UAE (CBUAE) has revoked the licence of Muthoot Exchange, an exchange house in the UAE, and removed it from the Register. The decision follows Article 137 (1) of Decretal Federal Law No. (14) of 2018 on the Central Bank & Organisation of Financial Institutions and Activities, and its amendments.

The revocation was based on a CBUAE examination, which found that Muthoot Exchange failed to maintain the required levels of paid-up capital and equity as per regulatory standards.

The CBUAE emphasized its commitment to ensuring that all exchange houses, their owners, and employees adhere to UAE laws and CBUAE regulations to maintain the transparency and integrity of the nation’s financial system.

Source : www.centralbank.ae