The prop firm founder claims he could have chosen bankruptcy or even run away.
Sway Funded promised an “immediate” payout of traders' funds that have been overdue for several months.
Blake Carter, the CEO of MyFlashFunding. Source: YouTube/Prop Connect
The retail
proprietary trading and trader-funded firms (TFFs) market has seen another
consolidation. Last week, MyFlashFunding, which had been struggling with
platform issues, announced its acquisition by competitor Sway Funded.
MyFlashFunding Acquired by
Another Prop Firm
The
acquisition news emerged at the beginning of last week. Social media posts from
both companies indicate that all MyFlashFunding clients will be transferred to
Sway Funded, with the new owner responsible for the “immediate”
payout of funds that have been pending for weeks.
MyFlashFunding website
MyFlashFunding
clients were asked to close all their positions by last Wednesday, July 24.
However, the prop firm's brand isn't disappearing entirely, nor are its social
media channels. It will no longer function as a trading service provider but as
an “educational hub”.
“We
understand the importance of a smooth transition. MyFlashFunding traders will
be seamlessly migrated to the Sway Funded platform, ensuring they can continue
their trading journey without disruption,” stated the announcement
regarding the acquisition decision.
The move
has sparked considerable controversy among clients, with social media
commentators suggesting that the MyFlashFunding founder is allegedly evading
responsibility.
MyFlashFunding CEO
Comments: “I could've filed bankruptcy”
Blake
Carter, Founder and CEO of MyFlashFunding, has a different perspective on the
matter.
As he
admits, “I could've ran, I could've went ghost, I could've filed
bankruptcy,” choosing an easier path, unfortunately often observed in the
prop firm industry in recent months.
Instead, he
opted for a scenario where traders could receive their due funds, which had
become impossible to pay out due to platform issues encountered by
MyFlashFunding.
“Whatever
you want to say about the acquisition or how you feel does not concern
me,” Carter commented.
If Sway
Funded indeed pays out the overdue funds, which have been suspended since
April–May, Carter's decision will defend itself.
The Origins of the Problem
MyFlashFunding's
troubles, like those of many other prop firms this year, began in February
2024. The catalyst was a decision by MetaQuotes, the creator of the popular trading
platform MetaTrader, to suspend licenses for firms and brokers associated with
prop trading services in the United States.
MyFlashFunding
attempted to resolve the issue by migrating to the competing Match-Trader
platform and partnering with a broker licensed by the Australian
ASIC.
However,
clients complained that the spreads offered by FinesseFX were too wide compared
to the previous offering. Moreover, in subsequent months, an increasing number
of voices emerged suggesting alleged blocking or delaying of fund withdrawals.
Carter
addressed the issue, suggesting that only isolated cases occurred, affecting a
very narrow group of clients, resulting from technical problems.
Ultimately,
however, the problem proved to be larger than suggested, and the platform
issues that began in February eventually forced the company to decide to sell
and transfer clients to another entity.
The retail
proprietary trading and trader-funded firms (TFFs) market has seen another
consolidation. Last week, MyFlashFunding, which had been struggling with
platform issues, announced its acquisition by competitor Sway Funded.
MyFlashFunding Acquired by
Another Prop Firm
The
acquisition news emerged at the beginning of last week. Social media posts from
both companies indicate that all MyFlashFunding clients will be transferred to
Sway Funded, with the new owner responsible for the “immediate”
payout of funds that have been pending for weeks.
MyFlashFunding website
MyFlashFunding
clients were asked to close all their positions by last Wednesday, July 24.
However, the prop firm's brand isn't disappearing entirely, nor are its social
media channels. It will no longer function as a trading service provider but as
an “educational hub”.
“We
understand the importance of a smooth transition. MyFlashFunding traders will
be seamlessly migrated to the Sway Funded platform, ensuring they can continue
their trading journey without disruption,” stated the announcement
regarding the acquisition decision.
The move
has sparked considerable controversy among clients, with social media
commentators suggesting that the MyFlashFunding founder is allegedly evading
responsibility.
MyFlashFunding CEO
Comments: “I could've filed bankruptcy”
Blake
Carter, Founder and CEO of MyFlashFunding, has a different perspective on the
matter.
As he
admits, “I could've ran, I could've went ghost, I could've filed
bankruptcy,” choosing an easier path, unfortunately often observed in the
prop firm industry in recent months.
Instead, he
opted for a scenario where traders could receive their due funds, which had
become impossible to pay out due to platform issues encountered by
MyFlashFunding.
“Whatever
you want to say about the acquisition or how you feel does not concern
me,” Carter commented.
If Sway
Funded indeed pays out the overdue funds, which have been suspended since
April–May, Carter's decision will defend itself.
The Origins of the Problem
MyFlashFunding's
troubles, like those of many other prop firms this year, began in February
2024. The catalyst was a decision by MetaQuotes, the creator of the popular trading
platform MetaTrader, to suspend licenses for firms and brokers associated with
prop trading services in the United States.
MyFlashFunding
attempted to resolve the issue by migrating to the competing Match-Trader
platform and partnering with a broker licensed by the Australian
ASIC.
However,
clients complained that the spreads offered by FinesseFX were too wide compared
to the previous offering. Moreover, in subsequent months, an increasing number
of voices emerged suggesting alleged blocking or delaying of fund withdrawals.
Carter
addressed the issue, suggesting that only isolated cases occurred, affecting a
very narrow group of clients, resulting from technical problems.
Ultimately,
however, the problem proved to be larger than suggested, and the platform
issues that began in February eventually forced the company to decide to sell
and transfer clients to another entity.
Damian's adventure with financial markets began at the Cracow University of Economics, where he obtained his MA in finance and accounting. Starting from the retail trader perspective, he collaborated with brokerage houses and financial portals in Poland as an independent editor and content manager. His adventure with Finance Magnates began in 2016, where he is working as a business intelligence analyst.
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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.
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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.
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Read the article at: https://www.financemagnates.com/thought-leadership/exness-expands-its-presence-in-africa-inside-our-interview-with-paul-margarites/
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Read the article at: https://www.financemagnates.com/thought-leadership/exness-expands-its-presence-in-africa-inside-our-interview-with-paul-margarites/
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Builder | Adviser | Fintech Writer | Product Strategist
In this episode, Jonathan Fine sat down with Jas Shah, one of the most thoughtful voices in global fintech. Known for his work across advisory, product, stablecoins, and his widely read writing, Jas brings a rare combination of industry insight and plain-spoken clarity.
We talk about his first impression of the Summit, the projects that keep him busy today, and how they connect to the stablecoin panel he joined. Jas shares his view on the link between fintech, wealthtech and retail brokers, especially as firms like Revolut, eToro and Trading212 blur long-standing lines in the market.
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