SBP cancels licence of Glaxy Exchange over regulatory violations

The State Bank of Pakistan has cancelled the authorisation and licence of Glaxy Exchange (Private) Limited with immediate effect after finding serious violations of its regulatory instructions.

In a statement issued on Friday, the central bank said the exchange company, including its head office and all outlets, is no longer permitted to carry out any foreign exchange–related business activities.

The action was announced by the SBP’s External Communications Department and takes effect immediately, the statement said.