SBP Revokes Licence of Glaxy Exchange Over Violations

The State Bank of Pakistan (SBP) has revoked, with immediate effect, the authorisation and licence of Glaxy Exchange (Private) Limited to operate as an authorised dealer in foreign exchange, following the discovery of grave and persistent violations of the central bank’s regulatory instructions and prudential requirements.

In an official statement issued on Friday by the SBP’s External Communications Department, the regulator declared that Glaxy Exchange (Private) Limited, encompassing its head office and all operational outlets nationwide, is henceforth prohibited from undertaking any business activity related to foreign exchange, including but not limited to money changing, inward and outward remittances, or any other authorised dealer functions.

The cancellation of authorisation and licence has been effected forthwith, rendering the company legally ineligible to engage in any foreign exchange transactions or hold itself out as an authorised exchange company. All such activities by Glaxy Exchange (Private) Limited or its representatives are now unlawful and subject to enforcement action under the relevant provisions of the Foreign Exchange Regulation Act, 1947, and the State Bank of Pakistan Act, 1956, as well as the Foreign Exchange Manual and applicable prudential regulations.

The SBP’s decision underscores its unwavering commitment to enforcing compliance, safeguarding the integrity of the foreign exchange market, and protecting the interests of the public and remittance-dependent economy.