Dubai-based Prop Trading Firm Ceases Services Unexpectedly, Promises Swift Resolution

Funding Pips, a well-known proprietary trading firm headquartered in Dubai, UAE, has announced the suspension of all trading operations and services for its clientele. The decision, attributed to "unexpected urgent maintenance" by the company, signifies a significant setback within the proprietary trading sector.

Blackbull Markets, the firm's exclusive partner, revealed that it was compelled to terminate services to proprietary trading entities due to regulatory constraints imposed by MetaQuotes.

A spokesperson for Blackbull Markets stated, "Unfortunately, we have found ourselves in breach of the terms outlined in our grey label license related to proprietary firms. Consequently, we have been forced to immediately sever ties with Funding Pips and cease their server operations on our Demo environment. It is noteworthy that Funding Pips solely operated on our Demo server via MT5."

Despite this development, Blackbull Markets affirmed its ongoing license with MetaQuotes and the continuation of its regular operations. The firm emphasized its commitment to resolving issues with its mobile application, which its teams are actively addressing.

Khaled Ayesh, CEO of Funding Pips, assured that the firm has secured all client accounts and trading data, transferring them to its proprietary database to expedite service restoration. He emphasized Funding Pips' steadfast commitment to its promises, distinguishing it from the less reliable practices prevalent in the industry.

In a bid to reassure clients, Ayesh highlighted the firm's efforts to mitigate the impact of the halt and pledged compensation for any losses incurred during the disruption. He urged clients to exercise patience as the team works diligently to resolve the situation promptly, reaffirming their unwavering commitment to reinstating full operations.