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Shut down by CFTC and OSC (Canadian regulators) for fraud in August 2023.
4
Closed
Aug 2023
Dec 2025
My Forex Funds was shut down by US and Canadian regulators for fraud. The firm operated a B-book model, profiting when traders lost. This was not a legitimate prop firm. Do not send money to any entity using this name.
My Forex Funds (MFF) was one of the largest prop firms globally before being shut down by the CFTC (US) and OSC (Canada) in August 2023. Regulators alleged the firm was operating as an unregistered commodity pool operator, misrepresenting trading conditions, and acting as a counterparty to client trades (meaning they profited when traders lost). The firm's assets were frozen, and the founder Murtuza Kazmi faced legal proceedings. This was a landmark case that reshaped the prop trading industry.
My Forex Funds (MFF) was one of the largest prop trading firms globally before being shut down by regulators in August 2023. The firm, founded by Murtuza Kazmi, had attracted hundreds of thousands of traders and was processing millions of dollars in challenge fees monthly.
In August 2023, the CFTC (Commodity Futures Trading Commission) in the United States and the OSC (Ontario Securities Commission) in Canada simultaneously took enforcement action against My Forex Funds.
The regulators alleged that MFF was: - Operating as an unregistered commodity pool operator - Misrepresenting trading conditions to customers - Acting as a counterparty to client trades (B-book model) - Profiting directly when traders lost their challenges
The most damaging allegation was the B-book model. Regulators claimed that MFF was not routing trades to any real market. Instead, the firm was taking the opposite side of every trade, meaning they profited when traders lost. This created a fundamental conflict of interest — the firm had a financial incentive to ensure traders failed.
Following the enforcement action: - All MFF assets were frozen by court order - The firm immediately ceased operations - Founder Murtuza Kazmi faced personal legal proceedings - Pending payouts were frozen — traders could not withdraw any funds
The MFF case was the most significant regulatory action in prop trading history. It established that prop firms could be classified as commodity pool operators if they take the opposite side of trades, setting a precedent that continues to shape the industry.
MFF grows to become one of the largest prop firms globally
Reports emerge of increasingly delayed payouts and changing rules
CFTC and OSC simultaneously take enforcement action
All MFF assets frozen by court order; operations cease immediately
Founder Murtuza Kazmi faces legal proceedings
Legal proceedings continue; no refunds for affected traders
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