Forex trading has been rampant in India after the cryptocurrency craze fizzled out. These apps have been aggressively advertising themselves; some legitimized themselves by sponsoring IPL teams.

But it’s running out; RBI has released a list of forex apps that are considered illegal in India. RBI released a ‘Warning List’ (opens in new tab)from entities that are neither authorized to operate forex trading platforms nor authorized to trade forex under the Foreign Exchange Management Act, 1999 (FEMA).