On August 29, 2023, the U.S. Commodity Futures Trading Commission (CFTC) and Ontario Securities Commission jointly moved against Traders Global Group, doing business as My Forex Funds. Regulators alleged the firm took in over $310 million from traders worldwide while running its own trading desk against them. Assets were frozen and the platform went offline overnight, leaving funded traders unable to access balances or pending payouts. MFF had been one of the largest retail prop firms in the world by 2023, with aggressive marketing and a "evaluation refunded on first payout" hook that pulled massive volume. The CFTC complaint described the model as "deceptive practices" — a turning point that triggered scrutiny across the entire prop-firm industry.
Regulatory action
My Forex Funds (MFF)
Seized by CFTC and OSC over fraud allegations; assets frozen.
Shutdown
August 29, 2023
Founded
April 1, 2020
Cause
Regulatory action
Traders affected
~135,000