Pakistan, Jan. 24 -- The State Bank of Pakistan (SBP) has cancelled the licence of Glaxy Exchange (Private) Limited for what it described as serious violations of regulatory instructions, marking the first such action against an exchange company in 2026 and adding to a growing list of firms forced out of the market.

Read More: SBP cancels license of exchange company on regulatory violations

In a notification issued on Friday, the central bank said the authorisation of Glaxy Exchange had been revoked with immediate effect. As a result, the company, including its head office and all outlets, is no longer permitted to undertake any foreign exchange-related business activities.

Market participants say the move is part of a broader regulato...