Why is the UAE Exchange closed?

On March 16th, 2020, UAE Exchange, a renowned financial institution, abruptly halted the processing of all new transactions. This announcement, conveyed via email, cited unspecified "operational challenges" as the primary reason behind the suspension.

Despite the vague nature of the explanation provided in the official statement, speculation arose regarding the true underlying factors behind this decision. Many observers believed that the referenced challenges were intricately linked to the precarious financial state of UAE Exchange's parent company, Finablr.

Earlier on the same day, Finablr had encountered severe financial difficulties, verging on the brink of collapse. This precarious situation undoubtedly cast a shadow over the operations of its subsidiaries, including UAE Exchange.

As a result of the parent company's troubles, UAE Exchange found itself facing operational hurdles that it deemed unmanageable, ultimately leading to the suspension of new transactions. This decision was likely a preemptive measure to protect the interests of both the exchange and its customers.

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