Central Bank of the UAE (CBUAE) HQ/Image: WAM
The Central Bank of the UAE (CBUAE) has revoked the licence of Omda Exchange, struck the entity off its official register, and imposed a financial penalty of Dhs10m for breaches of regulatory requirements.
The enforcement action follows supervisory examinations carried out by the CBUAE, which identified multiple failures and violations of the Central Bank Law and its related regulations by the exchange house.
The regulator said the decision was taken in line with its mandate under the Decretal Federal Law on the Central Bank and the Organisation of Financial Institutions and Activities, and its subsequent amendments.
The CBUAE reiterated that, through its supervisory and regulatory role, it remains committed to ensuring that all exchange houses, their owners, and employees comply with UAE laws, regulations, and standards. These measures are aimed at maintaining transparency, protecting the integrity of financial transactions, and safeguarding the stability of the UAE’s financial system.
