In a surprising twist of events, My Forex Funds now faces regulatory challenges. Canadian provincial securities regulators and their counterparts in the United States have taken the unprecedented step of issuing freeze orders on the firm’s trading activities and access to its bank accounts.
These sudden freeze orders were enforced without any prior warning or opportunity for discussion. As a result, My Forex Funds finds itself in a precarious situation, unable to carry out its routine business operations. This unexpected turn of events has cast a cloud of uncertainty over the firm’s future outlook and has stirred apprehension within the global financial community.
My Forex Funds Trading Activity & Bank Accounts Frozen
My Forex Funds has conveyed its commitment to engage with the relevant regulatory authorities to address their concerns. The company is actively pursuing discussions aimed at clarifying the nature of these freeze orders and working toward a resolution.
The initial critical step in this process involves a court date scheduled for the 11th of September, 2023, in the United States. During this proceeding, the legality of the freeze orders will be thoroughly examined. Following this, another hearing is slated to take place later in the same week in Canada. These legal proceedings will play a pivotal role in determining the outcome.
The management of My Forex Funds remains optimistic about swiftly and effectively overcoming this regulatory obstacle, allowing the firm to resume its regular operations. They have provided assurance to their clients and partners that they will keep them updated on the situation as it unfolds.
Murtuza Kazmi Addresses the My Forex Funds Community
About My Forex Funds
My Forex Funds is a proprietary trading firm that was incorporated in July 2020 and is being run by its CEO, Murtuza Kazmi. Their headquarters are located in Toronto, Canada, offering undercapitalized traders three different funding programs to get funded and manage initial account sizes up to $300,000.