Funded Nation prop firm traders hoping for a St. Nicholas Day gift on December 6 received coal instead. In a letter signed by CEO and founder Karthik S. Rajanna, they learned that operations would be suspended for the next 45 days.

While the official reason given for halting “all sales and trading activities” is “a major upgrade” to the company's dashboard, some customers suggest this is a smoke screen.

Prop Firm Announces 45-Day Maintenance Period

“At Funded Nation, we are constantly striving to provide the best possible experience for our traders,” Rajanna wrote to customers. “To achieve this, we are excited to announce a major upgrade to our dashboard, designed to bring you enhanced features, improved usability, and a seamless trading experience.”

The firm is suspending operations for 45 days to implement these changes. They claim pending payouts will be processed within one week. Traders unwilling to wait through the lengthy transition period can request refunds.

“We deeply appreciate your patience and understanding as we take this step to improve your trading experience,” added the Funded Nation CEO. “We are confident that the new dashboard will elevate your journey with us.”

Traders' reactions to the announcement were, however, far from positive. Several comments indicated some investors have been waiting for their money for nearly a month. Others used stronger language, suggesting that “this fake firm isn't working for months.”

🚨Important Update 🚨 pic.twitter.com/57EAueYa6Y

— FUNDED NATION (@FundedNation) December 6, 2024

Finance Magnates last covered Funded Nation in early March when BlueBerry Markets decided to restrict grey-labeling its MetaTrader licenses to prop trading firms. Funded Nation was among those unexpectedly cut off from the popular platform. While the firm overcame that challenge, time will tell if they'll deliver on their promise of returning next year with a new dashboard.

St. Nicholas Proves Unkind to Prop Traders This Year

While our US-based readers may associate Santa Claus mainly with Christmas, this Christian tradition saint in many parts of the world brings gifts on December 6, his feast day.

Retail traders must have been naughty this year, as many received the traditional disciplinary rod (or a piece of coal) instead of presents. Besides Funded Nation clients, The Funded Trader (TFT) customers were also affected.

On December 6, TFT published a community letter announcing their new (once again) resolution plans. The firm indicated investors would finally learn about their funds' status by the end of January. As a reminder, they've been waiting for payouts since April, some even longer.

“Some traders who were owed accounts or payouts during our pause in operations have been informed by support that they are banned from the platform,” TFT stated in an official announcement this week. “By January 2025, all eligible traders will receive a definite update on whether they will receive their account, payout, or a refund for the original purchase.”

Nearly three months have passed since the firm's last promise regarding funds frozen since March 28. During this time, the company indicated its priority was unlocking the largest accounts with balances exceeding $100,000. The document also suggested that payouts for suspended traders likely won't be processed before 2025.