Karachi, January 23, 2026 – In a decisive enforcement action, the State Bank of Pakistan (SBP) on Friday cancelled the license of a well-known exchange company, citing serious violations of regulatory requirements governing the foreign exchange sector.
According to an official statement issued by the central bank, the authorization of M/s Glaxy Exchange (Private) Limited has been revoked with immediate effect after the company was found in breach of SBP’s regulatory instructions. The move underscores the SBP’s zero-tolerance stance toward non-compliance in Pakistan’s tightly regulated currency exchange market.
Following the cancellation, Glaxy Exchange is no longer permitted to conduct any foreign exchange-related business, including buying, selling or dealing in foreign currencies. The restriction applies to all operations of the company, covering its head office as well as all branches and outlets across the country.
SBP sources said that action was taken in the interest of financial system integrity, transparency and consumer protection. The central bank has repeatedly warned exchange companies to strictly adhere to anti-money laundering (AML) standards, know-your-customer (KYC) requirements and operational guidelines to ensure stability in the foreign exchange market.
Market analysts view the development as part of the SBP’s broader efforts to tighten oversight of exchange companies, curb illegal currency trading and reinforce confidence in the formal financial system. In recent years, the regulator has stepped up monitoring and enforcement to eliminate malpractices that could undermine economic stability.
The SBP advised the public to conduct foreign exchange transactions only through licensed and authorized entities, warning that dealing with unauthorized operators carries significant legal and financial risks.