Reserve Bank of India (RBI) issues warning on 19 illegal forex trading entities

MUMBAI: The Reserve Bank of India (RBI) on Friday added 19 entities/platforms/websites to its Alert List of unauthorised forex trading platforms from which people need to stay away as they are illegal.

These entities are neither authorized to deal in forex under the Foreign Exchange Management Act, 1999 (FEMA) nor authorized to operate electronic trading platforms (ETPs) for forex transactions. The 19 entities are:, Admiral Market https://admiralmarkets.com, BlackBull https://blackbull.com, Easy Markets https://www.easymarkets.com, Enclave FX https://enclavefx.com, Finowiz Fintech Limited https://finowiz.com, FX SmartBull https://www.fxsmartbull.com, Fx Tray Market https://www.fxtray.com, Forex4you https://www.forex4you.com, GoDo FX https://www.godofx.com, Growing Capital Services Ltd. https://www.growingcapital.uk.

The RBI has cautioned the public to not undertake forex transactions on unauthorised ETPs or remit/deposit money for such unauthorised transactions.

The alert list includes names of entities/platforms/websites which appear to be promoting unauthorised entities/ETPs, including through advertisements of such unauthorised entities or claiming to be providing training/advisory services.

The authorisation status of any person/ETP can be ascertained from the list of authorised persons and authorised ETPs available in the RBI’s website. (IANS)

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