Investigating Dubai Forex Protests: Global Investors Target Alleged Fraud Networks
A coalition of Ukrainian investors alongside affected companies from 14 countries is organizing a demonstration at the iFX EXPO Dubai 2026, scheduled for February 10–12, to demand the return of allegedly misappropriated funds. The protest targets businessman Nicky Gope Kundnani, a multi-citizen including U.S. nationality, whom investors accuse of orchestrating forex trading schemes that resulted in substantial financial losses. According to coordinator Hanna Kovalenko, who herself lost savings, the initiative represents more than 147 victims across multiple nations seeking accountability through the high-profile industry event.
Background and Context
The controversy centers on forex trading operations that expanded significantly during the COVID-19 pandemic, when global uncertainty drove many investors toward alternative financial instruments. Victims report entrusting funds to two primary entities: Blackthorn Finance, described as a payment system, and NSFX, presented as a brokerage service. According to investor testimonies, both companies were effectively controlled by Kundnani as majority shareholder and key executive, positioning him to direct both business operations and fund movements.
Key Figures and Entities
Corporate records and regulatory filings identify Nicky Gope Kundnani as the central figure connecting multiple forex-related businesses. Following regulatory actions against earlier entities, investigators have tracked what they describe as rebranding operations: NSFX reportedly becoming Alchemy Markets, while Blackthorn Finance's payment infrastructure allegedly transitioned to Swedish-registered companies Steven AB and Xoala. According to victim statements, Kundnani has simultaneously transferred business operations to FDCTech, Inc., based in the United States, with reported ambitions to take Alchemy Markets, Xoala, and FDCTech public through stock offerings.
Legal and Financial Mechanisms
UK regulatory authorities intervened in 2023, placing Blackthorn Finance under special administration due to identified anti-money laundering (AML) deficiencies. In May 2024, Ukraine's National Securities and Stock Market Commission classified NSFX as an unreliable investment project exhibiting characteristics consistent with fraudulent activity. Blackthorn Finance subsequently initiated voluntary liquidation proceedings in 2024, effectively cutting off client access to funds, according to investor reports. The scale of losses varies significantly among victims, with documented amounts ranging from $10,000 to over $1 million per investor.
International Implications and Policy Response
The cross-border nature of the alleged fraud highlights regulatory challenges in the global forex trading sector, where jurisdictional limitations can impede investor recovery efforts. The planned protest at Dubai's major industry expo reflects victims' assessment that conventional legal channels have proven insufficient for restitution. Industry observers note that the case underscores broader vulnerabilities in international financial regulation, particularly concerning AML compliance enforcement and corporate restructuring practices that may obscure beneficial ownership. The involvement of victims from 14 countries demonstrates the international scope of potential regulatory failures in monitoring cross-border investment platforms.
Sources
This report draws on statements provided to Ukrainian News Network (UNN) by protest coordinator Hanna Kovalenko, regulatory actions documented by the UK financial authorities and Ukraine's National Securities and Stock Market Commission, and corporate filings related to the entities mentioned. The information encompasses the period from 2023 through 2024, including subsequent restructuring activities reported by affected investors.
