DUBAI: The Central Bank of the UAE (CBUAE) has revoked the licence of Muthoot Exchange, an exchange house operating in the UAE, and removed it from the Register.
The action follows Article 137 (1) of Decretal Federal Law No. (14) of 2018, which pertains to the Central Bank and the Regulation of Financial Institutions and Activities, including its amendments.
The revocation was based on findings from a recent CBUAE examination, which disclosed that Muthoot Exchange did not meet the required standards for paid-up capital and equity as mandated by applicable regulations.
The CBUAE, through its supervisory and regulatory functions, is committed to ensuring that all exchange houses, along with their owners and employees, comply with UAE laws and regulations. This is crucial for maintaining the transparency and integrity of the UAE’s financial system.
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