UAE: The Central Bank of the UAE (CBUAE) has dealt Muthoot Exchange a decisive blow, revoking its license and erasing it from the financial registry.
This decision, grounded in Article 137 (1) of the Decretal Federal Law No. (14) of 2018 follows a detailed examination revealing that Muthoot Exchange fell short of the required capital and equity levels mandated by financial regulations.
The CBUAE’s oversight ensures that all exchange houses operate within the bounds of UAE laws and regulations, maintaining the transparency and integrity of the country’s financial system. Muthoot Exchange’s failure to uphold these standards has led to its removal, reinforcing the CBUAE’s commitment to a well-regulated financial environment.
