1. Executive Summary & Fact Sheet
On August 31, 2023, My Forex Funds (MFF) was abruptly shut down following coordinated emergency injunctions by the US CFTC and Ontario Securities Commission (OSC), freezing accounts belonging to hundreds of thousands of traders globally. On October 12, 2026, official communications announced a formal resumption date of November 23, 2026. Core operational parameters verified across primary records are itemized below:
| Audited Domain | Verified Status & Parameter | Evidence |
|---|---|---|
| Operating Model | Proprietary capital simulation and evaluation challenge platform | [B1] |
| Historical Legal Entity | Traders Global Group Inc. (Canada and New Jersey, US corporate registrations) | [B1] |
| Successor Legal Entity | Global Solutions Operations FZE (Dubai, UAE Free Zone Establishment) | [B1] |
| Executive Leadership | Founder Murtuza Kazmi exited; former operations executive Haider Raza appointed CEO | [B1] |
| Relaunch Schedule | November 23, 2026 (Pre-launch account credential handoffs initiated) | [B1] |
| US Judicial Verdict | CFTC litigation dismissed with prejudice in May 2025; CFTC fined $3.1M in sanctions | [B1] |
| Canadian Judicial Verdict | Ontario Superior Court released frozen assets; OSC ordered to pay 80,000 CAD in costs | [B1] |
| Account Restoration | August 29, 2023 active accounts reinstated via 50/50 lottery cohorts; challenge fees non-refundable in cash | [B1] |
| Pending Rewards | Tranches of $5,000–$6,200 distributed to verified funded accounts in profit | [B1, B2] |
| Cloud Infrastructure | Microsoft Azure Boydton, US East (Origin IP: 52.101.9.93) routed behind Cloudflare proxy |
[B1] |
| Geographical Filtering | Active ip2c.org script automatically redirects Canadian (CA) IP ranges directly to google.com |
[B1] |
| Regulatory Status | Unlicensed. Holds no brokerage or custodial authorization under CFTC, SEC, FCA, or CMB | [B1] |
2. Legal Proceedings, Judicial Orders & CFTC Sanctions
The My Forex Funds enforcement saga concluded with a landmark judicial rebuff against regulatory overreach:
The District Court dismissed the CFTC's enforcement action against Traders Global Group Inc. and Murtuza Kazmi "with prejudice" (permanently barring reinstatement). The presiding judge formally established that CFTC enforcement attorneys intentionally misled the court, concealed exculpatory records, and operated in severe bad faith [B1].
CFTC litigators had represented to the court that over $12 million remitted to the Canada Revenue Agency (CRA) in statutory corporate income taxes was in fact "customer funds misappropriated into Murtuza Kazmi's personal accounts," securing an emergency asset freeze under false pretenses. Once tax receipts conclusively proved this assertion false, the court levied $3.1 million in statutory sanctions and legal cost penalties against the CFTC. Responsible agency attorneys were placed on administrative leave [B1].
2.2 Ontario Superior Court of Justice Order (OSC) [B1]
In February 2026, the Ontario Superior Court ordered the full release of MFF's frozen corporate assets, formally terminating third-party receivership management. The court further censured the Ontario Securities Commission (OSC) for violating the public interest doctrine and ordered the agency to pay 80,000 CAD in defense costs [B1].
2.3 Murtuza Kazmi's Departure & Corporate Reorganization [B1]
Following the settlement of regulatory actions, founder and former CEO Murtuza Kazmi announced his complete divestment from the enterprise [B1]. Effective August 1, 2026, the trademark, domain, and infrastructure assets were acquired by Dubai-based Global Solutions Operations FZE. Kazmi retains no executive title, board representation, or equity in the reorganized business [B1].
3. November 23, 2026 Relaunch Plan & Executive Roadmap
On October 12, 2026, the official myforexfunds.com portal published its operational reopening schedule [B1]:
- Resumption Date: Official operations recommence globally on November 23, 2026 (subject to jurisdictional restrictions) [B1].
- CEO Haider Raza's Statement: Newly appointed CEO Haider Raza issued a public declaration arguing that the prop industry has devolved into complex restrictive rule sets over recent years, promising a return to streamlined risk parameters [B1].
- Community Memories Campaign: The platform inaugurated a historical image gallery highlighting historical payouts and milestones to rebuild trader confidence [B1].
4. Account Restoration Procedure & Lottery Distribution
The management's Account Restoration Plan for balances active at the August 29, 2023 freeze operates under defined rules [B1]:
• Evaluation Accounts: Reinstated at their exact stage (Phase 1 or Phase 2) and balance as of the August 29, 2023 snapshot.
• Funded Accounts: Restored in full to their recorded balance at the freeze timestamp.
• Rule Choice: Traders maintain the option to proceed under legacy MFF specifications or transition into updated rules [B1].
4.1 Two-Phase Lottery Cohorts (50% / 50%) [B1]
To prevent infrastructure overload and mitigate sudden liquidity demands, credentials will be released progressively:
- Eligible participants will be randomized into two equal 50% cohorts [B1].
- Cohort 1 will receive credentials ahead of the official launch; Cohort 2 credentials will be distributed 30 days post-launch [B1].
- All reinstated accounts remain locked until November 23, 2026, at which point trading permissions activate simultaneously [B1].
5. Pending Rewards Status & Live Verification
Audit of accounts with approved, unfulfilled withdrawal requests at the August 29, 2023 freeze date reveals:
- Tranche Disbursements: Verified eligible accounts have received staged disbursements ranging between $5,000 and $6,200 [B1, B2].
- Verification Backlog: Tens of thousands of duplicate claims and wallet discrepancies have prolonged reviews. Dedicated support agents continue manual ticket processing (Official delay apology & case tracker notice) [B1].
- Ex-Gratia Characterization: These payments are handled not as legally enforceable liabilities of the successor entity, but as discretionary goodwill distributions to preserve reputation [B1].
6. Technical Infrastructure & Geoblocking Audit
Live endpoint reconnaissance mapped the following hosting signatures:
• Origin IP Address: 52.101.9.93 (Microsoft Azure Cloud - Boydton, US East) [B1].
• Reverse Proxy: Protected behind Cloudflare edge nodes [B1].
• Active Canadian Geoblock: An embedded ip2c.org script actively detects Canadian (CA) IP ranges and redirects visitors directly to google.com [B1].
• Trustpilot Guidelines Warning: The official MFF Trustpilot listing remains frozen under a formal Guidelines Breach notification for manipulated reviews [B2].
• Execution Platform: Due to MetaQuotes regulatory restrictions on uncertified prop firms, the choice between alternative engines (cTrader, TradeLocker, or DXtrade) has not been announced [B2].
7. Critical Contract Terms & Legal Shield Analysis
Review of the updated Terms of Use highlights key trader constraints [B1]:
- Liability Disclaimer: Successor entity Global Solutions Operations FZE explicitly disclaims past legal obligations of Traders Global Group Inc. Restorations operate strictly on a discretionary basis [B1].
- Excluded Jurisdictions: Canada, the United States, and sanctioned territories remain barred from registration [B1].
- IP & Device Concurrency Bans: Multiple registrations sharing identical public IPs or Client Device IDs (CID) remain subject to summary termination and profit forfeiture [B1].
- Chargeback Cancellation: Initiating financial chargebacks via banking providers prompts immediate account termination [B1].
8. Interactive Account Simulator
This simulator models expected restoration terms, cohort timing, and discretionary payout ceilings based on your historical August 29, 2023 account balance:
9. Industry Risk & Liquidity Assessment
Independent analysis of the restructuring highlights essential risk vectors:
- Zero-Cost Demo Balances vs Cash Payouts: In modern prop trading, topping up a $100,000 demo account on a server takes a single click. But when thousands of traders trade successfully and request real cash withdrawals, paying out those funds is an entirely different story that requires sustained liquidity.
- Regulator Panic & The $5,000 Gold Trap Warning: Industry analysis notes that while the CFTC dismissal emboldened prop firms against regulatory overreach, Gold touching $5,000/oz followed by a 16% Silver crash created a severe liquidity trap (Industry analysis & gold trap warning) [B2].
- Competitive Shift: During MFF's 3-year absence, established players like FTMO, Funding Pips, and Topstep absorbed global market share. Rebuilding trader loyalty will prove demanding.
- Dubai Free Zone Jurisdiction: Locating the legal entity in a Dubai free zone severely limits recourse for international retail traders in the event of dispute.
10. Research Desk Final Verdict
Synthesizing legal, operational, and forensic evidence, PropSikayet delivers the following findings:
- Precedent Regulatory Dismissal: The bad-faith dismissal of the CFTC enforcement action represents a historic regulatory scandal, yet it does not constitute judicial validation of the platform's simulated book-making practices.
- Successor Corporate Shield: Founder Murtuza Kazmi has departed, with operations transferred to Dubai Global Solutions Operations FZE, which carries zero past liability.
- Simulation Restoration, No Cash Refunds: Legitimate pre-freeze accounts are reinstated in lottery phases, while evaluation fees are non-refundable in cash.
- Risk Rating: My Forex Funds remains designated under the High Risk category due to ongoing restructuring and unproven operational liquidity.