Sharjah: The license of Muttoot Exchange, a prominent financial establishment in the UAE, has been revoked. Muttoot Exchange, a subsidiary of the Kerala-based Muttoot Group, had been operating in the UAE since receiving its operational license in 2010.
The UAE authorities have recently notified that Muttoot Exchange has been found in violation of regulations related to licensing and operational practices. The Central Bank of the UAE has emphasized that all exchange establishments must adhere to the rules and regulations governing the sector to ensure compliance and proper conduct.
The Central Bank’s decision underscores the importance of maintaining high standards of professionalism and integrity within the financial sector. Muttoot Exchange, along with other notable establishments like Lulu Exchange and Joy Alukkas Exchange, had been a significant player in the UAE’s financial landscape.
The regulatory framework in the UAE mandates strict adherence to licensing norms to safeguard financial operations and uphold transparency in transactions. The Central Bank has reiterated its commitment to enforcing these standards to ensure the reliability and trustworthiness of financial institutions operating in the region.
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