The Central Bank of the United Arab Emirates has cancelled the license of Motot Exchange Company operating in the UAE and removed its name from the register, in accordance with the provisions of Article 137 (1) of Federal Decree-Law No. 14 of 2018 regarding the Central Bank, the Regulation of Financial Institutions and Activities, and its amendments.
The Central Bank said in a press statement today: “The administrative penalty comes as a result of the inspection conducted by the Central Bank, which revealed the failure of Motot Exchange Company to maintain the required level of paid-up capital and shareholders’ equity in accordance with the applicable standards and regulations.”
Through its regulatory and supervisory duties, the Central Bank works to ensure that all exchange companies, their owners and employees comply with the laws in force in the country, and the regulations and standards approved by the Central Bank, with the aim of maintaining the transparency and integrity of the country’s financial system.
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