MyForexFunds, the prop trading brand which was forced to close overnight by regulators, has been sold by Murtuza Kazmi-led Traders Global to Dubai-based Global Solutions, which is headed by Haider Raza, Finance Magnates has learned.
Raza was a part of MyForexFunds’ original staff and held the role of operations director.
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The Brand Is Valuable
The deal has already been closed on August 1, but the financials have not been disclosed. It also remains unclear when services under the MyForexFunds brand would resume.
Global Solutions, meanwhile, with Raza as its CEO, is a new entrant in the prop space and does not operate any other brands.
The acquisition is only limited to the branding rights, including the MyForexFunds and MFF trademarks, logos and brand elements, the myforexfunds.com domain and associated websites, and the brand’s official social media accounts.
“MyForexFunds is one of the most recognized names in the proprietary trading space, and that recognition is what we have acquired,” said Raza. “Our first order of business is completing the discretionary rewards program on behalf of Traders Global.”
Before its overnight shutdown, MyForexFunds served more than 135,000 customers between November 2021 and the time of its shutdown and generated at least $310 million in fees through its prop trading business, according to the US CFTC.
Kazmi earlier told Finance Magnates that the numbers were “a bit more than what the CFTC alleged”, revealing that MFF had close to half a million users since its inception and paid out over $290 million to traders by 2023.
Read Finance Magnates' exclusive interview with Murtuza Kazmi after the CFTC was ordered to drop the case against MyForexFunds.
Liabilities Were Not Inherited
Global Solutions made it clear that it has not assumed any liabilities or obligations of Traders Global, which are mostly the pending payouts to traders. Traders Global will continue to take care of the payouts through Global Solutions under a service agreement.
“Over the past several months, Traders Global has issued discretionary rewards to traders under the Evaluation program, and we have engaged Global Solutions to complete this process throughout all programs and cater to all remaining accounts on our behalf," said Kazmi, Chief Executive Officer of Traders Global.
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Kazmi, however, has neither any stake in Global Solutions nor holds any role in Global Solutions’ management.
Interestingly, Global Solutions is in discussions with members of the original MyForexFunds operations team about joining its team.
Although the CFTC brought fraud charges against Kazmi and Traders Global, the US court dismissed the case because of the regulator’s “misconduct” and knowingly “misrepresentation” of a tax payment, which it used to seize all assets of the prop firm and Kazmi.
