The Central Bank of the UAE (CBUAE) has revoked Muthoot Exchange’s licence and struck its name off the register.
The action was taken under Article 137 (1) of the Decretal Federal Law No. (14) of 2018 regarding the Central Bank and Organisation of Financial Institutions and Activities and its amendments.
The action follows an examination that revealed that the Muthoot Exchange failed to maintain its paid-up capital and equity to the level required by the applicable Standards and Regulations.
The CBUAE works to ensure that all exchange houses, their owners and employees abide by the UAE laws, regulations and standards adopted by the CBUAE to safeguard the transparency and integrity of the UAE’s financial system.
