Funding Pips CEO Blames MetaQuotes for Business Closure

Khaled Ayesh, the CEO of Funding Pips, a prominent prop trading business, made shocking news about their unexpected closure. The CEO specifically accused MetaQuotes, a key trading system supplier, of their untimely shutdown.

Ayesh made it clear that the suspension of Funding Pips' services was a direct consequence of MetaQuotes' decision to cease supporting U.S. accounts. This move, according to Ayesh, came without any prior warning, leaving Funding Pips in a challenging position. Despite this setback, Ayesh reassured clients that all payouts and compensations for losses would be processed as soon as the firm resumed operations.

To maintain trust and transparency, Ayesh emphasized that Funding Pips has taken all necessary measures to secure client accounts and trading data. These have been transferred to the firm's database, ensuring that they are ready for a quick restoration of services. This action, as Ayesh pointed out, reflects the firms commitment to its promises, a practice he suggests is not as common in the industry.

Further complicating the situation for Funding Pips was the termination of its partnership with BlackBull Markets. Ayesh clarified that this was not a decision made by BlackBull itself but rather a result of regulatory pressures. This pressure also led to BlackBull Markets being delisted from MetaQuotes' trading applications, a significant blow to their operations.

In his statement, Ayesh aimed to reassure anxious clients, highlighting the firm's efforts to mitigate the impact of this sudden halt. He promised compensation for any losses incurred due to the disruption and called for patience as the firm worked diligently to resolve these issues. Furthermore, Ayesh demonstrated her dedication to communication by offering to engage in one-on-one conversations with each client and attend to their inquiries.

On the other side, BlackBull Markets, another major player in the trading world, was quick to address rumors about losing its MetaQuotes license. The firm attributed the current access issues for new users of the MT5 mobile app to temporary technical difficulties and assured a swift resolution. BlackBull Markets' principal business development officer, Anish Lal, confirmed that MetaQuotes enforced the separation from Funding Pips.

Related news:

Blackbull Denies MetaQuotes License Loss After Funding Pips

MetaQuotes tightens US trading oversight, causing Funding Pips shutdown. Speculation surrounds Blackbull's status. Regulatory shifts prompt disruptions.

News 2024-02-15

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This development in the trading industry highlights the significant impact that decisions made by technology providers like MetaQuotes can have on associated firms. It also underscores the importance of transparency and client security in the financial sector, especially in times of unexpected disruptions.

Funding Pips situation serves as a reminder of the interconnectedness of the trading industry and the ripple effects that can occur from a single decision. As the story unfolds, the trading community will be keenly watching how Funding Pips navigates this challenging situation and the steps it takes to resume its operations and regain the trust of its clients.

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