The State Bank of Pakistan (SBP) has cancelled the authorization of M/s Glaxy Exchange (Private) Limited for violating the central bank’s regulatory instructions, according to an official press release issued on Friday. The decision has taken effect immediately.
As a result, the exchange company is no longer permitted to carry out any foreign exchange-related business activities. The restriction applies to its head office as well as all of its outlets.
The SBP stated that the license was withdrawn due to serious regulatory breaches, without providing further details on the nature of the violations.