Yet another prop trading firm popular with the retail trading crowd has halted operations, with Funding Pips (at website fundingpips.com) indicating that it too has been kneecapped by MetaQuotes.
Following the recent service shutdowns experienced by Dubai based prop trading outfit Funded Engineer, and Hungary based True Forex Funds, another Dubai based firm called Funding Pips has also been effectively shut down.
In a notice posted on its website, Funding Pips states that Cyprus based MT4/MT5 developer MetaQuotes abruptly halted its services, due to active US accounts. The notice stated (see full text below) that Funding Pips’ partnered broker (ed: BlackBull Markets) didn’t terminate the partnership, but were in fact forced (by MetaQuotes) to let them go.
It seems as though MetaQuotes – which saw MT4 and MT5 get kicked off the Apple App Store in 2022 for a period of about six months – is looking to once again “clean house”, and try to ensure (to the best of its ability) that its software isn’t being used illegally or improperly, such as by brokers (or introducing brokers) that operate in jurisdictions where they are not licensed.
A defiant Funding Pips CEO, Khaled Ayesh, took to X (formerly Twitter) this morning and stated that:
Taking us down means taking the industry down, destroying faith in the industry, don’t worry nothing can break me. A trader for traders, this is just a whole new level of learning curve. Love me or hate, since day one I’ve done nothing but what’s best for the community and my traders.
Earlier today Mr. Ayesh tweeted regarding the technicalities of being shut down, and the issue of open client trades:
Clarity:
When we were forced to shut down we successfully migrated everything, due to the fact that BBM (ed: BlackBull Markets) delayed our shutting down process till we secured our data they got delisted from the app. Anyways we closed all trades, the closed trades were:
1- In profit, which are counted.
2- in a loss, which will be reimbursed.
Bear with us while we navigate through this hardship. What doesn’t kill you makes you stronger.
The message posted by Funding Pips on its website reads as follows:
IMPORTANT NOTICE
Dear Community and Friends,
On the 14th of February MetaQuotes abruptly halted our services due to active US accounts without prior notice. Our partnered broker didn’t terminate our partnership; in fact, they were forced to let us go.
From day one, we have been completely transparent with each and every one of you. We have always adhered to our promises and commitments and will continue to do so.
With that said, we have good news! Your accounts are safe. We were able to transfer all your trading data to our database. The team is working tirelessly to organize this and get us back online.
If you have purchased an account but have not received the credentials, rest assured that you will be provided with access once our services are restored.
While we understand the frustration caused by this situation, please know that every payout will be processed once we’re operational again. Even though these circumstance is beyond our control, we are committed to compensating for any lost trades because you are not just clients, but family to us.
Our apologies for this inconvenience,
Funding Pips Team
