The Central Bank of the UAE has revoked the license of Al Nahdi Exchange and removed its name from the registry, in accordance with Article 137 of Federal Decree Law No. 14 of 2018 concerning the Central Bank and the organization of financial institutions and activities, along with its amendments.
This decision to cancel the license follows a review of inspection results conducted by the Central Bank, which revealed significant failures related to the company’s non-compliance with the framework for combating money laundering, financing terrorism, and financing unlawful organizations, as well as sanctions.
The Central Bank, in fulfilling its regulatory and supervisory responsibilities, ensures that all exchange companies, their owners, and employees adhere to the prevailing laws in the country, as well as the regulations and standards it has established. This is aimed at maintaining transparency and integrity within the exchange sector, as well as protecting and stabilizing the country’s financial system.