The CFTC charged the proprietary trading firm and its CEO with fraud.
The defendants have also countered by requesting a sanctions order against the regulator.
There is a high probability that a settlement deal is being negotiated between the proprietary trading firm My Forex Funds and regulators in the US and Canada, Finance Magnates has learned exclusively.
Ongoing Negotiations
The possible negotiation follows lawsuits filed against the firm and its CEO, Murtuza Kazmi, by the Commodity Futures Trading Commission (CFTC) and the Ontario Securities Commission (OSC).
The company’s legal fight with the CFTC has disrupted the proprietary trading industry, prompting other firms to swiftly modify language on their websites. Many have added terms such as “simulated” and “virtual” to clarify the nature of their services.
Murtuza Kazmi, CEO at My Forex Funds
The CFTC initially charged My Forex Funds and Kazmi with fraud at the end of August 2023. According to the regulator, the company generated at least $310 million in fees from its proprietary trading business. The platform had more than 135,000 customers between November 2021 and its forced closure.
However, the regulatory action, including a temporary restraining order and an asset freeze, effectively shuttered the business overnight. After a legal challenge by the defendants’ lawyers, a court unfroze most of Kazmi's assets.
Misrepresentation of Facts
The defendants also pointed to misrepresentation of facts in obtaining the asset freeze order, claiming it resulted from the regulatory staff’s “bad faith.” This prompted a motion for a sanctions order against the regulator.
Interestingly, one of the CFTC commissioners, Caroline Pham, publicly criticized the regulator's actions in the case against My Forex Funds, questioning the work ethics of its staff.
Later, Republican Senator Charles Grassley of Iowa addressed the issue by sending a letter to the Chairman of the CFTC. He raised concerns about the “process and procedure” of the regulator’s administrative actions and inquired whether disciplinary measures had been taken against staff involved in the alleged misconduct. Although his letter did not explicitly mention My Forex Funds by name, it referenced details of the lawsuit.
There is a high probability that a settlement deal is being negotiated between the proprietary trading firm My Forex Funds and regulators in the US and Canada, Finance Magnates has learned exclusively.
Ongoing Negotiations
The possible negotiation follows lawsuits filed against the firm and its CEO, Murtuza Kazmi, by the Commodity Futures Trading Commission (CFTC) and the Ontario Securities Commission (OSC).
The company’s legal fight with the CFTC has disrupted the proprietary trading industry, prompting other firms to swiftly modify language on their websites. Many have added terms such as “simulated” and “virtual” to clarify the nature of their services.
Murtuza Kazmi, CEO at My Forex Funds
The CFTC initially charged My Forex Funds and Kazmi with fraud at the end of August 2023. According to the regulator, the company generated at least $310 million in fees from its proprietary trading business. The platform had more than 135,000 customers between November 2021 and its forced closure.
However, the regulatory action, including a temporary restraining order and an asset freeze, effectively shuttered the business overnight. After a legal challenge by the defendants’ lawyers, a court unfroze most of Kazmi's assets.
Misrepresentation of Facts
The defendants also pointed to misrepresentation of facts in obtaining the asset freeze order, claiming it resulted from the regulatory staff’s “bad faith.” This prompted a motion for a sanctions order against the regulator.
Interestingly, one of the CFTC commissioners, Caroline Pham, publicly criticized the regulator's actions in the case against My Forex Funds, questioning the work ethics of its staff.
Later, Republican Senator Charles Grassley of Iowa addressed the issue by sending a letter to the Chairman of the CFTC. He raised concerns about the “process and procedure” of the regulator’s administrative actions and inquired whether disciplinary measures had been taken against staff involved in the alleged misconduct. Although his letter did not explicitly mention My Forex Funds by name, it referenced details of the lawsuit.
Arnab Shome is an electronics engineer-turned-financial editor. He holds a Bachelor of Technology from the National Institute of Technology, Agartala. He entered the retail trading industry about a decade ago, covering the cryptocurrency market for Finance Magnates, and later expanded his coverage to include forex and CFDs as well.
His work at Finance Magnates includes C-level interviews, data-driven analysis, opinion pieces, and scoops of industry exclusives. He also contributes to Finance Magnates’ quarterly industry report.
Area of coverage:
1. CFD broker-related news
2. Industry-related Regulatory updates and developments
3. New retail trading trends
4. Prop trading industry updates
5. Executive interviews
Education:
Bachelor of Technology - National Institute of Technology, Agartala (India)
Webull Spent Big to Hit Record Revenue, and the Bill Is in the Fine Print
FP Markets Winner Spotlight 🏆 | Global Broker of the Year 2025 #Trading #Broker #Innovation #Shorts
FP Markets Winner Spotlight 🏆 | Global Broker of the Year 2025 #Trading #Broker #Innovation #Shorts
FP Markets takes the spotlight as Global Broker of the Year 2025 at the Finance Magnates Awards.
Martin Stoilov, Head of Client Experience, shares that trust, innovation, and people played a key role in the company’s success, supported by a strong foundation of integrity and client-centricity.
Following this milestone, FP Markets continues to focus on growth, technology investment, and its core values of transparency and excellence.
👉 Be part of FM Awards 2026: https://awards.financemagnates.com/#nominate
FP Markets takes the spotlight as Global Broker of the Year 2025 at the Finance Magnates Awards.
Martin Stoilov, Head of Client Experience, shares that trust, innovation, and people played a key role in the company’s success, supported by a strong foundation of integrity and client-centricity.
Following this milestone, FP Markets continues to focus on growth, technology investment, and its core values of transparency and excellence.
👉 Be part of FM Awards 2026: https://awards.financemagnates.com/#nominate
In this video, we review @HolaPrimeMarketsOfficial, a multi-asset forex and CFDs broker offering different account types, trading platforms, and flexible trading conditions.
We cover the broker’s overall offering, including account options, trading environment, platforms like MT4 and MT5, and additional services such as managed accounts and fast withdrawals.
Watch the full video to see if Hola Prime Markets fits your trading needs.
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#HolaPrime #ForexBroker #CFDTrading #FinanceMagnates #Trading #Forex #BrokerReview
In this video, we review @HolaPrimeMarketsOfficial, a multi-asset forex and CFDs broker offering different account types, trading platforms, and flexible trading conditions.
We cover the broker’s overall offering, including account options, trading environment, platforms like MT4 and MT5, and additional services such as managed accounts and fast withdrawals.
Watch the full video to see if Hola Prime Markets fits your trading needs.
📣 Stay up to date with the latest in finance and trading. Follow Finance Magnates for industry news, insights, and global event coverage.
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#HolaPrime #ForexBroker #CFDTrading #FinanceMagnates #Trading #Forex #BrokerReview
Hola Prime Review: What You Need to Know | Full Breakdown by Finance Magnates
Hola Prime Review: What You Need to Know | Full Breakdown by Finance Magnates
In this video, we review @HolaPrime_Global, a proprietary trading firm offering evaluation programs and performance-based payouts in simulated market environments.
We cover how the challenge model works, including account types, profit splits (up to 95%), trading rules, and what it takes to reach a funded account. You’ll also learn about available platforms like MT4, MT5, cTrader, and more, along with insights into payouts, support, and trading conditions.
Watch the full video to see if Hola Prime fits your trading style.
📣 Stay up to date with the latest in finance and trading. Follow Finance Magnates for industry news, insights, and global event coverage.
Connect with us:
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▶️ YouTube: /@financemagnates_official
#HolaPrime #PropFirm #Trading #FinanceMagnates #Forex #FuturesTrading #TradingReview #PropFirmReview
In this video, we review @HolaPrime_Global, a proprietary trading firm offering evaluation programs and performance-based payouts in simulated market environments.
We cover how the challenge model works, including account types, profit splits (up to 95%), trading rules, and what it takes to reach a funded account. You’ll also learn about available platforms like MT4, MT5, cTrader, and more, along with insights into payouts, support, and trading conditions.
Watch the full video to see if Hola Prime fits your trading style.
📣 Stay up to date with the latest in finance and trading. Follow Finance Magnates for industry news, insights, and global event coverage.
Connect with us:
🔗 LinkedIn: /financemagnates
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#HolaPrime #PropFirm #Trading #FinanceMagnates #Forex #FuturesTrading #TradingReview #PropFirmReview
Axi Winner Spotlight 🏆 | Global Most Innovative Broker 2025 #Innovation #Trading #Fintech #Broker
Axi Winner Spotlight 🏆 | Global Most Innovative Broker 2025 #Innovation #Trading #Fintech #Broker
Axi takes the spotlight at the Finance Magnates Awards, winning Global Most Innovative Broker 2025.
Olivia Xenofontos and Ivanna Openko share how the team will feel: proud, motivated, and ready to keep delivering.
They also describe the night as well-organized, focused, and enjoyable for all.
👉 Be part of FM Awards 2026.
Axi takes the spotlight at the Finance Magnates Awards, winning Global Most Innovative Broker 2025.
Olivia Xenofontos and Ivanna Openko share how the team will feel: proud, motivated, and ready to keep delivering.
They also describe the night as well-organized, focused, and enjoyable for all.
👉 Be part of FM Awards 2026.
Recognition that matters.
Built on transparency.
Driven by the industry.
The Finance Magnates Awards 2026.
Nominations are now open.
🔗 https://awards.financemagnates.com/?utm_source=SM&utm_medium=social&utm_campaign=recognition-matters
Recognition that matters.
Built on transparency.
Driven by the industry.
The Finance Magnates Awards 2026.
Nominations are now open.
🔗 https://awards.financemagnates.com/?utm_source=SM&utm_medium=social&utm_campaign=recognition-matters
