The court adopted the Special Master's recommendation to dismiss the case.
CFTC placed five staff members on administrative leave over misconduct allegations in the case.
A U.S. federal judge has dismissed the Commodity Futures
Trading Commission’s (CFTC) complaint against Traders Global Group Inc., the
parent company of My Forex Funds, with prejudice. The court also approved a
sanctions motion against the regulator.
The sanctions result from a
recommendation by Special Master Jose L. Linares, who urged the court to
dismiss the case with prejudice and impose penalties on the CFTC. He stated the
agency misled the court in its enforcement action against Traders Global.
Linares noted that the CFTC had made errors in a sworn
declaration and took steps to obfuscate. The court redacted the names of those
responsible, but prior filings indicate involvement of CFTC's lead attorney
Ashley Burden and investigator Matthew Edelstein.
Court Orders CFTC to Pay Fees
In an order signed on May 13, 2025, Judge Edward S. Kiel
ruled in favor of the defendants, directing the CFTC to pay legal fees related
to the sanctions motion. The CFTC’s separate motion to dismiss was denied as
moot.
Source: United States District Court for the District of New Jersey
The defendants have been instructed to submit an affidavit
outlining their fees and costs, following the court’s schedule.
Investigations are ongoing, but the agency did not confirm
the number of staff involved or specifically mention My Forex Funds. A
recommendation has also been filed following a review of allegations of
misconduct, including false statements to the court. These actions are under
the leadership of Acting Chair Caroline Pham.
A U.S. federal judge has dismissed the Commodity Futures
Trading Commission’s (CFTC) complaint against Traders Global Group Inc., the
parent company of My Forex Funds, with prejudice. The court also approved a
sanctions motion against the regulator.
The sanctions result from a
recommendation by Special Master Jose L. Linares, who urged the court to
dismiss the case with prejudice and impose penalties on the CFTC. He stated the
agency misled the court in its enforcement action against Traders Global.
Linares noted that the CFTC had made errors in a sworn
declaration and took steps to obfuscate. The court redacted the names of those
responsible, but prior filings indicate involvement of CFTC's lead attorney
Ashley Burden and investigator Matthew Edelstein.
Court Orders CFTC to Pay Fees
In an order signed on May 13, 2025, Judge Edward S. Kiel
ruled in favor of the defendants, directing the CFTC to pay legal fees related
to the sanctions motion. The CFTC’s separate motion to dismiss was denied as
moot.
Source: United States District Court for the District of New Jersey
The defendants have been instructed to submit an affidavit
outlining their fees and costs, following the court’s schedule.
Investigations are ongoing, but the agency did not confirm
the number of staff involved or specifically mention My Forex Funds. A
recommendation has also been filed following a review of allegations of
misconduct, including false statements to the court. These actions are under
the leadership of Acting Chair Caroline Pham.
63% of Brokers Now Use Integrated CRM, Trading and Liquidity to Speed Launches, Study Finds
Executive Interview | Charlotte Bullock | Chief Product Officer, Bank of London | FMLS:25
Executive Interview | Charlotte Bullock | Chief Product Officer, Bank of London | FMLS:25
In this interview, we sat down with Charlotte Bullock, Head of Product at The Bank of London, previously at SAP and now shaping product at one of the sector’s most ambitious new banking players.
Charlotte reflects on the Summit so far and talks about the culture inside fintech banks today. We look at the pressures that come with scaling, and how firms can hold onto the nimble approach that made them stand out early on.
We also cover the state of payments ahead of her appearance on the payments roundtable: the blockages financial firms face, the areas that still need fixing, and what a realistic solution looks like in 2026.
In this interview, we sat down with Charlotte Bullock, Head of Product at The Bank of London, previously at SAP and now shaping product at one of the sector’s most ambitious new banking players.
Charlotte reflects on the Summit so far and talks about the culture inside fintech banks today. We look at the pressures that come with scaling, and how firms can hold onto the nimble approach that made them stand out early on.
We also cover the state of payments ahead of her appearance on the payments roundtable: the blockages financial firms face, the areas that still need fixing, and what a realistic solution looks like in 2026.
In this conversation, we sit down with Drew Niv, CSO at ATFX Connect and one of the most influential figures in modern FX.
We speak about market structure, the institutional view on liquidity, and the sharp rise of prop trading, a sector Drew has been commenting on in recent months. Drew explains why he once dismissed prop trading, why his view changed, and what he now thinks the model means for brokers, clients and risk managers.
We explore subscription-fee dependency, the high reneging rate, and the long-term challenge: how brokers can build a more stable and honest version of the model. Drew also talks about the traffic advantage standalone prop firms have built and why brokers may still win in the long run if they take the right approach.
In this conversation, we sit down with Drew Niv, CSO at ATFX Connect and one of the most influential figures in modern FX.
We speak about market structure, the institutional view on liquidity, and the sharp rise of prop trading, a sector Drew has been commenting on in recent months. Drew explains why he once dismissed prop trading, why his view changed, and what he now thinks the model means for brokers, clients and risk managers.
We explore subscription-fee dependency, the high reneging rate, and the long-term challenge: how brokers can build a more stable and honest version of the model. Drew also talks about the traffic advantage standalone prop firms have built and why brokers may still win in the long run if they take the right approach.
Executive Interview | Remonda Z. Kirketerp Møller| CEO & Founder Muinmos | FMLS:25
Executive Interview | Remonda Z. Kirketerp Møller| CEO & Founder Muinmos | FMLS:25
In this interview, Remonda Z. Kirketerp Møller, founder of Muinmos, breaks down the state of AI in regtech and what responsible adoption really looks like for brokers. We talk about rising fragmentation, the pressures around compliance accuracy, and why most firms are still in the early stages of AI maturity.
Ramanda also shares insights on regulator sandboxes, shifting expectations around accountability, and the current reality of MiCA licensing and passporting in Europe.
A concise look at where compliance, onboarding, and AI-driven processes are heading next.
In this interview, Remonda Z. Kirketerp Møller, founder of Muinmos, breaks down the state of AI in regtech and what responsible adoption really looks like for brokers. We talk about rising fragmentation, the pressures around compliance accuracy, and why most firms are still in the early stages of AI maturity.
Ramanda also shares insights on regulator sandboxes, shifting expectations around accountability, and the current reality of MiCA licensing and passporting in Europe.
A concise look at where compliance, onboarding, and AI-driven processes are heading next.
In this conversation, we speak with Aydin Bonabi, CEO and co-founder of Surveill, a firm focused on fraud detection and AI-driven compliance tools for financial institutions.
We start with Aydin’s view of the Summit and the challenges brokers face as fraud tactics grow more complex. He explains how firms can stay ahead through real-time signals, data patterns, and early-stage detection.
We also talk about AI training and why compliance teams often struggle to keep models accurate, fair, and aligned with regulatory expectations. Aydin breaks down what “good” AI training looks like inside a financial environment, including the importance of clean data, domain expertise, and human oversight.
He closes with a clear message: fraud is scaling, and so must the tools that stop it.
In this conversation, we speak with Aydin Bonabi, CEO and co-founder of Surveill, a firm focused on fraud detection and AI-driven compliance tools for financial institutions.
We start with Aydin’s view of the Summit and the challenges brokers face as fraud tactics grow more complex. He explains how firms can stay ahead through real-time signals, data patterns, and early-stage detection.
We also talk about AI training and why compliance teams often struggle to keep models accurate, fair, and aligned with regulatory expectations. Aydin breaks down what “good” AI training looks like inside a financial environment, including the importance of clean data, domain expertise, and human oversight.
He closes with a clear message: fraud is scaling, and so must the tools that stop it.
Exness expands its presence in Africa: Inside our interview with Paul Margarites in Cape Town
Exness expands its presence in Africa: Inside our interview with Paul Margarites in Cape Town
Finance Magnates met with Paul Margarites, Exness regional commercial director for Sub-Saharan Africa, during a visit to the firm’s office opening in Cape Town. In this talk, led by Andrea Badiola Mateos, Co-CEO at Finance Magnates, Paul shares views on the South African trading space, local user behavior, mobile trends, regulation, team growth, and how Exness plans to grow in more markets across the region. @Exness
Read the article at: https://www.financemagnates.com/thought-leadership/exness-expands-its-presence-in-africa-inside-our-interview-with-paul-margarites/
#exness #financemagnates #exnesstrading #CFDtrading #tradeonline #africanews #capetown
Finance Magnates met with Paul Margarites, Exness regional commercial director for Sub-Saharan Africa, during a visit to the firm’s office opening in Cape Town. In this talk, led by Andrea Badiola Mateos, Co-CEO at Finance Magnates, Paul shares views on the South African trading space, local user behavior, mobile trends, regulation, team growth, and how Exness plans to grow in more markets across the region. @Exness
Read the article at: https://www.financemagnates.com/thought-leadership/exness-expands-its-presence-in-africa-inside-our-interview-with-paul-margarites/
#exness #financemagnates #exnesstrading #CFDtrading #tradeonline #africanews #capetown
