RBI Includes 19 Unauthorized Forex Trading Platforms/Websites in its Alert List: See the Names.

The Reserve Bank of India has expanded its list of illicit foreign exchange trading platforms by including 18 internet domains and one mobile app, bringing the total to 75 identified providers. According to RBI, these entities lack authorization under the Foreign Exchange Management Act (FEMA) to engage in foreign exchange dealings or operate electronic trading platforms for forex transactions.

Despite issuing alerts against these illegal services in India, RBI faces limitations in shutting them down as they are registered overseas in countries where such operations are legal. Notable examples include Admiral Markets, established in 2001 with headquarters in Estonia, BlackBull affiliated with a New Zealand-incorporated company, and Easy Markets based in Cyprus. The Alert List issued by the Reserve Bank also highlights entities/platforms/websites that seem to promote unauthorized entities. Here are the names of the 19 platforms/websites recently added to the RBI list.