Binomo, OctaFX, and Olymp Trade including the other 31 Forex Online Trading Platforms are Banned By RBI.

The Reserve Bank of India (RBI), has advised the public not to embrace forex exchanges on unapproved electronic trading platforms (ETPs) or transmit/store cash for unapproved forex exchanges.

RBI has put an Alert List of substances that are neither approved to deal in forex under the “Foreign Exchange Management Act, 1999 (FEMA)” nor approved to work electronic trading platforms for forex exchanges on its site. The central bank said that the alert list isn’t comprehensive and depends on what was known to RBI at the hour of issuing the release. It further alerts that a substance not showing up in the alert list ought not to be thought to be approved by the RBI. The authorization status of any individual/ETP can be discovered from the list of approved people and approved ETPs, which are made accessible on the RBI site.

The RBI repeats that occupant people can attempt forex exchanges with approved people and for allowed purposes, concerning the FEMA. While allowed forex exchanges can be executed electronically, they should be embraced exclusively on ETPs approved for the reason by the RBI or on perceived stock trades viz., NSE (National Stock Exchange) of India Ltd, BSE (Bombay Stock Exchange) Ltd, and Metropolitan Stock Exchange of India Ltd.

Individuals from the general population are advised not to attempt forex exchanges on unapproved ETPs or dispatch/store cash for such unapproved exchanges. Inhabitant people undertaking forex exchanges for purposes other than those allowed under the FEMA or on ETPs not approved by the RBI will deliver themselves responsible for legitimate activity under the FEMA.

Here is the list of the 34 forex online trading platforms including Binomo, OctaFX, and Olymp Trade banned by RBI.

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