FNG Exclusive… Prop trading firm Funded Engineer has permanently closed.
FNG has learned that the Dubai based prop trading firm’s website has been taken down, replaced with an “Announcement of Ceasing Operations” notice (see full text below), stating that the firm was not able to overcome the challenges it faced, and will be filing for bankruptcy.
Funded Engineer became one of the first funded trader / retail prop trading firms to experience trouble earlier this year, when its then-tech supplier, FPFX, terminated the license it provided to Funded Engineer to use its tech, over an alleged fraud scheme. The company was later suspended by prop firm comparison site Propfirmmatch, citing that funded accounts were compromised at Funded Engineer.
The announcement released by Funded Engineer today reads as follow:
Announcement of Ceasing Operations
Dear Valued Clients and Partners,
It is with deep regret and a heavy heart that we announce the permanent closure of Funded Engineer. Despite our extensive efforts to improve our financial situation, we have been unable to overcome the challenges we faced, necessitating the cessation of all operations effective immediately.
Over the past months, we have explored every possible avenue to stabilize our financial standing, including strategic restructuring, cost-cutting measures, and seeking additional investment. Unfortunately, these efforts have not yielded the necessary results to ensure the continuation of our business.
As part of this closure, Funded Engineer will be filing for bankruptcy. This decision was not made lightly, and we understand the significant impact it will have on our clients, partners, and employees. We are committed to managing this process as smoothly as possible and will be working closely with our legal and financial advisors to address all outstanding matters. We deeply appreciate the trust and support you have shown us over the lifespan on Funded Engineer.
We sincerely apologize for any inconvenience this may cause and thank you for your understanding during this difficult time.
Sincerely,
Funded Engineer
