UAE Central Bank shuts down Omda Exchange, slaps $2.7m penalty

The Central Bank of the UAE has revoked the licence of Omda Exchange operating in the UAE, struck its name off the official register and imposed a financial sanction of AED10m ($2.72m).

The enforcement action was taken pursuant to the Decretal Federal Law Regarding the Central Bank and Organisation of Financial Institutions and Activities, and its amendments.

According to the CBUAE, the licence revocation and financial penalty followed examinations conducted by the regulator, which identified failures and violations of the Central Bank Law and related regulations by the exchange house.

CBUAE revokes Omda Exchange licence

The CBUAE said it continues to exercise its supervisory and regulatory mandates to ensure that all exchange houses, their owners and staff comply with UAE laws, regulations and standards.

The regulator said these measures are designed to maintain transparency and integrity in financial transactions and to safeguard the UAE’s financial system.