The Central Bank of the UAE has withdrawed the licence of Omda Exchange operating in the UAE, struck its name off the main register and enforced a monetary permission of AED 10 m ($ 2 72 m).
The enforcement activity was taken pursuant to the Decretal Federal Regulation Pertaining To the Central Bank and Organisation of Financial Institutions and Activities, and its modifications.
According to the CBUAE, the permit retraction and punitive damages adhered to exams carried out by the regulator, which determined failings and infractions of the Central Bank Legislation and associated regulations by the exchange house.
CBUAE revokes Omda Exchange permit
The CBUAE claimed it remains to exercise its supervisory and governing requireds to ensure that all exchange houses, their owners and team comply with UAE legislations, regulations and requirements.
The regulatory authority said these measures are developed to maintain transparency and stability in economic purchases and to protect the UAE’s economic system.
