RBI blacklists seven more forex platforms for illegal currency trading
The Reserve Bank of India (RBI) has expanded its warning list of unauthorised forex trading platforms. Seven new entities were added in November 2025 to protect investors from potential risks. The move comes as part of ongoing efforts to curb illegal currency trading online.
The newly listed platforms include Starnet FX, CapPlace, Mirrox, Fusion Markets, Trive, NXG Markets, and Nord FX. None of these entities hold authorisation under the Foreign Exchange Management Act, 1999. They also lack approval to operate electronic trading platforms under RBI’s 2018 guidelines.
The RBI’s 'Alert List' serves as a public resource to identify risky and unregulated forex operators. By flagging these platforms, the central bank aims to prevent financial losses and legal consequences for traders. Users have been strongly advised to conduct forex transactions only through RBI-authorised dealers.
Unauthorised trading on these platforms can result in penalties under Indian law. The RBI has repeatedly warned that engaging with unregulated entities exposes individuals to fraud and compliance risks.
The updated 'Alert List' now features a total of seven additional platforms deemed unsafe for forex trading. Investors are urged to verify authorisation before engaging in any currency transactions. Only RBI-approved dealers and platforms remain legally compliant for such activities.
