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.
According to a Khaleej Times report, this action was taken under Article 137 (1) of the Decretal Federal Law No. (14) of 2018, which pertains to the Central Bank and the regulation of financial institutions.
An investigation conducted by the CBUAE revealed that Muthoot Exchange failed to maintain its paid-up capital and equity at the levels mandated by current regulations.
The Central Bank emphasized that it is committed to ensuring all exchange houses, along with their owners and employees, adhere strictly to UAE laws and regulations to protect the transparency and integrity of the nation’s financial system.