THE GRAVEYARD · 2020 – 2023
MyForexFunds
Shut down following US regulatory action
One of the largest forex evaluation firms of its era, MyForexFunds was shut down in September 2023 after the US CFTC filed a civil enforcement action. The case became the industry's defining lesson on the regulatory exposure of retail-funded evaluation models.
01
Timeline
what happened, when- 2020 Founded and grew rapidly into one of the biggest evaluation firms by volume.
- 2022 Payout complaints and community friction grew as the firm scaled faster than its operations.
- Aug 2023 Announced it was halting certain activities and reviewing operations; trading on the platform was suspended.
- Sep 2023 US CFTC filed a civil enforcement action alleging unregistered commodity pool operation. The firm's website went offline.
- 2024 Related legal proceedings continued; the founder was arrested in Australia on extradition-related charges in 2024.
02
Warning Signs
the signals, documented- Growth that outran operational capacity
- A rising volume of payout complaints in the months before shutdown
- Funded-account model structured around simulated trading with real money flowing in as fees
- Sudden platform suspensions ahead of the regulatory action
03
Lessons
what it cost- Fees flowing in from retail traders while 'funded' accounts are simulated is the exact structure regulators scrutinise.
- Popularity is not safety. The biggest firm in the niche can still be the biggest target.
- Check a firm's legal entity, jurisdiction and any regulatory history before trusting volume as a signal.
04
Sources
the receiptsCFTC press release (Sept 2023) ↗ · CFTC v. MyForexFunds enforcement filing ↗