Source : WAM
The Central Bank of the UAE (CBUAE) has revoked the licence of “Omda Exchange,” removed its name from the Register, and imposed a financial penalty of AED 10 million. This action was taken in accordance with the Decretal Federal Law Regarding the Central Bank and Organisation of Financial Institutions and Activities, along with its amendments.
The licence revocation and financial sanction follow CBUAE examinations, which identified violations and non-compliance with the Central Bank Law and related regulations by the Exchange House.
Through its regulatory and supervisory role, the CBUAE seeks to ensure that all exchange houses, along with their owners and employees, fully comply with UAE laws, regulations, and standards, maintaining transparency and integrity in financial transactions while safeguarding the nation’s financial system.
