Due to its violation of financial laws and regulations, the Central Bank of the UAE issued a decision to cancel the license of Motot Exchange Company.
In implementation of the provisions of Article 137 “1” of the Decree By Federal Law No. 14 of 2018, the Bank decided The UAE Central Bank has withdrawn the license of Motot Exchange Company and cancelled its Her name is from the registry.
Central Bank Statement
In a press release today, the UAE Central Bank said: The administrative penalty comes as a result of the inspection conducted by the Central Bank, and the inspection revealed the failure to provide sufficient capital, which is a basic condition for practicing the exchange activity. The Central Bank decided to withdraw the license of Motot Company.
Through its supervisory duties, the Central Bank aims to protect the rights of customers and ensure the stability of the financial system by ensuring that exchange companies comply with applicable laws and regulations.
