After more than two years of legal battles and total public silence, MyForexFunds — once one of the most prominent names in the prop trading industry — has finally resurfaced. CEO Murtuza Kazmi has issued a public statement addressing the firm’s abrupt shutdown, the regulatory actions that followed, and what the future may hold for the company and its community of affected traders.
The Legal Battle That Shut Down MyForexFunds
MyForexFunds went dark in mid-2023 after being hit with simultaneous regulatory actions from both the U.S. Commodity Futures Trading Commission (CFTC) and Canadian authorities in Ontario. The firm’s assets were frozen, its platform was taken offline, and thousands of traders were left without access to their accounts or any clear explanation of what had happened.
For over two years, Kazmi and the MyForexFunds team remained silent, citing the constraints of active legal proceedings. That silence ended this week when the firm published a statement outlining the current state of affairs across both jurisdictions.
CFTC Case Dismissed in the United States
The most significant development is the dismissal of the CFTC’s case against MyForexFunds in the United States. According to the firm’s statement, a federal judge threw out the CFTC’s claims, which had been central to the narrative that the firm was operating fraudulently. This outcome marks a major vindication for MyForexFunds and calls into question the aggressive regulatory posture the CFTC took against prop firms during that period.
The dismissal also raises broader questions about how regulators approach prop trading companies. Many firms operating in similar models watched the MyForexFunds case closely, as its outcome could have set precedent for how the CFTC treats challenge-based funding programs.
Canadian Proceedings Continue in Ontario
While the U.S. case has been resolved, the situation in Canada remains active. An Ontario court has reduced the scope of the case, which the firm views as a partial win. However, the Canadian proceedings are ongoing, and MyForexFunds has not yet provided a specific timeline for resolution.
Kazmi acknowledged the enormous disruption the situation caused for traders — many of whom had active funded accounts, pending payouts, or were mid-evaluation when the platform was suddenly shut down. The statement also pushed back against what the firm described as misleading narratives that circulated online during the silence, urging the trading community to rely on verified information as the situation continues to develop.
What This Means for the Broader Prop Industry
The MyForexFunds saga is one of the defining stories of the modern prop trading era. When the firm went offline in 2023, it sent shockwaves through the industry and raised fundamental questions about the regulatory status of prop trading firms, the safety of trader funds, and the sustainability of the challenge-based model.
The CFTC case dismissal is a noteworthy signal for the broader industry. It suggests that the regulatory case against the prop model — at least as it was argued in the MyForexFunds proceeding — was not as strong as many feared. For traders evaluating how to choose a prop firm, this development is a reminder that regulatory headlines don’t always tell the full story.
That said, the Canadian case is still unresolved, and MyForexFunds has not yet announced any plans to resume operations or process outstanding payouts. Traders who were affected should continue to follow official communications from the firm rather than relying on social media speculation.
For the industry as a whole, this story underscores the importance of transparency, regulatory compliance, and clear communication between prop firms and their trading communities. Firms that learn from the MyForexFunds experience — both its mistakes and its legal outcomes — will be better positioned to build lasting trust with traders.
Frequently Asked Questions About This Story
Source: Forex Prop Reviews
