Watch out! RBI Increases the Alert List by 19 Unauthorized Forex Trading Platforms
The Reserve Bank added 19 additional companies, including FX SmartBull, Just Markets, and GoDo FX, to the “Alert List” of unapproved forex trading platforms on Friday, bringing the total to 75.
The Alert List includes the names of organizations that are not permitted under the Foreign Exchange Management Act of 1999 (FEMA) or the Electronic Trading Platforms (Reserve Bank) Directions of 2018 to deal in foreign exchange or to run electronic trading platforms (ETPs) for forex transactions.
Admiral Market, BlackBull, Easy Markets, Enclave FX, Finowiz Fintech, FX SmartBull, Fx Tray Market, Growing Capital Services, and HF Markets are the other companies that have been included to the list. HYCM Capital Markets, JGCFX, PU Prime, Real Gold Capital, TNFX, Ya Markets, and Gate Trade are more platforms.
The Reserve Bank added in a statement that the names of organizations, platforms, and websites that seem to be endorsing unapproved businesses are also included on the Alert List.
It said, “The list is not exhaustive,” and that one should not presume that an organization that is not on the list has RBI authorization.
